Australian design software giant Canva has launched its biggest ever update to its suite of products, taking on industry stalwart Microsoft with an artificial intelligence-based re-imagining of the Excel spreadsheet and announcing its revenue has grown to $US3 billion ($4.9 billion).

For the second year in a row, Sydney-based Canva is holding its annual product release conference in the US, as it looks to position itself for a public listing there when market conditions improve.