Australia's Canva delves deeply into AI to boost its valuation

Canva is depending on AI-powered features to attract business clients in the face of increasing competition and a decline in valuation, which puts the company in jeopardy of ranking among the top startups in the world.

AI tools, according to co-founder and chief product officer Cameron Adams, allow users to test new ideas freely and quickly. In the past, these trials would frequently be put on hold due to a lack of funding, resources, or time.

Canva's CEO stated that it is therefore necessary for software companies to incorporate AI into their products without raising prices, "because people can always go somewhere else."

Adams, who, along with Melanie Perkins and Cliff Obrecht, started the Sydney-based firm in 2012, stated that he believed there was a genuine opportunity cost associated with individuals and organizations not adopting the newest technologies. He continued by saying that they have observed enormous increases in productivity and efficiency when workers use AI technologies, and businesses that don't take advantage of them would quickly fall behind the competition.

Canva enhanced its design tools with several AI-powered features earlier this month. They have functions that can turn presentations into executive summaries, turn a collection of ideas into a logical blog post, and produce images and videos in response to a single request. The most recent tools come after a number of new features—like work papers, website design, and background reduction in videos—were introduced in September of last year.