Visa to pump $100 mn in generative AI
The investments will be made through Visa Ventures, the company’s 16-year-old global corporate investment arm.
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SAN FRANCISCO: Visa has announced a new $100 mn generative AI initiative to invest in the next generation of companies focused on developing AI tech and applications that will impact the future of commerce and payments.
The investments will be made through Visa Ventures, the company’s 16-year-old global corporate investment arm. “As a pioneer of AI in payments since 1993, Visa considers this initiative an extension of the company’s leadership in AI use to drive innovation in payments, create value for partners and clients and enable and empower global commerce,” the company said.
Generative AI is an emerging subset of AI that is built on Large Language Models (LLMs) to develop artificial general intelligence capable of generating text, images or other content from large sets of existing data when given prompts.
“Generative AI will soon not only reshape how we live and work, but it will also meaningfully change commerce in ways we need to understand,” said Jack Forestell, Chief Product and Strategy Officer, Visa.
Visa Ventures has been investing in and partnering with companies driving innovation in payments and commerce since 2007. “With generative AI’s potential to be one of the most transformative technologies, we are excited to expand our focus to invest in some of the most innovative and disruptive venture-backed startups building across generative AI, commerce and payments,” said David Rolf, Head of Visa Ventures.
