The co-founders of the enigmatic conceptual AI startup Leonardo, headquartered in Sydney, have embraced parallels with the emerging company Canva, articulating their aspirations in their initial exposure to the American media to reach a billion-dollar valuation.
Mr. Leonardo, the relational AI software developed by AI, competes with platforms like Midjourney and ChatGPT. The company swiftly established itself at the forefront of what is arguably the most dynamic and potentially influential technological trend of the decade, with over 700 million images currently being generated on its platform.
“We started noticing the emergence of these relational AI programs early last year, and it was truly astonishing,” shared Leonardo’s Chief Operating Officer and co-founder, Jachin Bhasme, during an interview.
A snapshot created using Leonardo. Ai.
“We began pondering, ‘How can we transform this into a viable business model, tailored towards catering to experts? What would that entail?’”
Early on, we realized that the novelty of employing AI as a black box was rapidly diminishing, particularly within professional circles, highlighting a pressing demand for greater control.
Leonardo’s co-founder and Chief Operating Officer, Jachin Bhasme.
They introduced the inaugural version of Leonardo on Christmas Eve 2022, with a team of six co-founders, a notably large ensemble for a tech startup. The initial concept revolved around a conceptual AI platform enabling game developers to craft original assets that harmonized with their existing styles post-training models using their proprietary IP.
As awareness of the platform’s adaptability grew, along with its diverse utility across various scenarios, its popularity surged, as per Bhasme.
“Imagine a musician picking up an instrument for the first time. Initially, you play simple notes or familiar tunes. However, as mastery ensues, you compose your melodies and symphonies. We aimed to provide creators with a similar progression using AI.”
With a user base exceeding 1.8 million individuals, AI has fostered one of the most extensive conceptual AI communities globally, ranking as the third most popular Discord network. Users can swiftly generate concepts and surreal images suitable for films, games, and websites across multiple industries, spanning from landscapes to portraits.
Leonardo’s co-founder and Chief Technology Officer of AI, Peter Runham.
Bhasme expressed his admiration for the comparisons drawn between their startup and the graphic design tool Canva, which evolved from a duo to a workforce exceeding 3500 employees, mirroring the valuation of major companies like Telstra and Qantas. The AI co-founders refrained from disclosing details regarding shareholders or the current market worth, although reports suggest that Blackbird Ventures acquired a 20% stake in the venture.
Regarding the resemblances to Canva, Bhasme remarked, “It’s incredibly flattering.” He added, “We hold high expectations for the business and are diligently working towards propelling it to the next level.”
Reports from The Australian Financial Review hint at Leonardo’s trajectory to generate $5 million annually, citing confidential documents; however, the startup’s founders opted not to comment on these figures. While the nascent AI sector grapples with internal power struggles, the turmoil at OpenAI, the creator of ChatGPT, serves as a stark example. Safety and misuse prevention emerge as critical challenges.
Ethical and health concerns are not a primary focus for the startup, according to Bhasme, who emphasized the implementation of measures to combat inappropriate content.
Collaborating with tech giant Amazon Web Services, the startup encountered such rapid growth that a waitlist was necessary to regulate its expansion, necessitated by the inadequacy of its former cloud provider in handling the traffic, prompting a full data migration to AWS.
Peter Runham, Leonardo’s co-founder and Chief Technology Officer, noted, “In the early stages, we assessed various platforms and even experimented with multiple options during development.” The familiarity of most engineers with AWS accelerated their progress, leveraging the platform’s scalability over competitors.
In an interview, Bratin Saha, Amazon Web Services’ Vice President of Artificial Intelligence and Machine Learning, drew parallels between the evolution of relational AI and the nascent stages of fog computing.
“Forward-thinking AI enterprises like Leonardo hold immense potential,” he remarked. “We anticipate the emergence of innovative and prosperous ventures built on AWS, akin to the early days of cloud computing. We are committed to supporting the startup’s global expansion and advancing the realm of conceptual AI to inspire novel realms of creativity and expression.”
We are on the verge of completing a 100-kilometer workout, just three steps away.
