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Visa Launches $100 Million Venture Fund for Generative AI Startups
Visa, the payments processor, has announced the launch of a $100 million venture fund specifically for generative artificial intelligence (AI) startups.
This move by Visa follows the trend of other major investors, including Microsoft and Google, who have shown great interest in the AI sector this year.
Generative AI is a technology that uses past data to create entirely new content. It has gained significant attention in the technology industry, particularly after the popularity of chatbot ChatGPT.
Visa's Chief Product and Strategy Officer, Jack Forestell, highlighted the potential impact of generative AI on commerce, stating, "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."
By establishing this venture fund, Visa aims to support and nurture startups that are at the forefront of generative AI innovation. The fund will provide financial resources and expertise to help these startups develop and scale their technologies. Visa's investment in generative AI reflects the company's commitment to staying at the forefront of technological advancements and leveraging AI to enhance its services.
The launch of this venture fund aligns with Visa's broader strategy of embracing emerging technologies to drive innovation in the payments industry. As AI continues to evolve and shape various sectors, including finance and commerce, Visa recognizes the importance of fostering the growth of AI startups and collaborating with them to create new solutions.
Visa has launched a $100 million venture fund for generative AI startups.
The fund aims to support startups working on innovative generative AI technologies.
Generative AI is a technology that creates new content based on past data.
Source: REUTERS