Australia’s biggest venture capital firm says little-known artificial intelligence company Heidi Health has overtaken Canva and Leonardo AI as the fastest-growing company ever in its portfolio.

Blackbird Ventures, which claims to have $7 billion in assets under management, said the six-year-old start-up is making $US15 million ($23 million) in annual recurring revenue after just a year of selling its main AI product. This puts it ahead of Canva in its early days and AI image generation start-up Leonardo.ai, which Canva went on to acquire.