(Reuters) – Payments processor Visa has announced the launch of a $100 million venture fund aimed at supporting generative artificial intelligence (AI) startups. This move sees Visa join the growing number of investors who have shown interest in the AI sector this year.
Already, high-profile companies like Microsoft and Alphabet’s Google have backed the AI space. The increased attention in this area is largely due to the rise in popularity of chatbot ChatGPT.
In a statement, Visa’s chief product and strategy officer, Jack Forestell, highlighted the transformative nature of generative AI: “While much of generative AI so far has been focused on tasks and content creation, this technology… will also meaningfully change commerce in ways we need to understand.”
Generative AI is a technology that uses past data to create original content.
This investment announcement comes as no surprise, as the AI sector continues to attract significant attention and investment. Companies are recognizing the potential of AI in revolutionizing various industries, including banking and finance.
Visa’s venture fund aims to support startups in developing innovative AI solutions that can enhance commerce and improve the overall customer experience. Through this fund, Visa aims to foster the growth of the AI ecosystem by providing capital and resources to promising startups.
The fund will enable Visa to stay at the forefront of AI advancements, ensuring they can adapt their products and services to meet evolving customer needs. As AI adoption continues to grow, it is becoming increasingly important for companies like Visa to invest in this technology to remain competitive in the market.
Visa’s foray into generative AI through this venture fund demonstrates their commitment to exploring emerging technologies and leveraging them to enhance their business operations. This strategic move aligns with Visa’s mission to be a leader in innovation in the payments industry.
With the launch of this $100 million venture fund, Visa aims to further accelerate the development of AI startups and help shape the future of commerce through generative AI technology.
Niket Nishant reporting in Bengaluru; Editing by Shilpi Majumdar
Credit: The Star : Tech Feed
