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HomeInternationalVisa launches $100mn venture fund for generative AI startups

Visa launches $100mn venture fund for generative AI startups

Payments processor Visa launched a $100 million venture fund for generative artificial intelligence (AI) startups, joining a number of investors who have flocked to the sector this year. 

After the popularity of the chatbot ChatGPT, several major firms, including Microsoft and Alphabet’s Google, have backed the AI sector.

“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,” Visa’s chief product and strategy officer, Jack Forestell, said in a statement.

Generative AI technology creates brand-new content by applying what it has learned from past data.

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