Visa to Invest $100 Million in Generative AI Startups
Visa, a global leader in payments, today has announced a new $100 million generative AI venture fund. The fund will be used to invest in generative AI tech and applications at the intersection of commerce and payments.
Generative AI - 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.
Visa Ventures, Visa's global corporate investment arm, will lead the initiative. 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 of our time, 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, Visa Inc.
Why it matters:
Generative AI is a rapidly developing field with the potential to revolutionize many industries, including commerce and payments. Visa's investment in generative AI startups signals the company's commitment to innovation and its belief in the potential of this technology to transform the future of payments.
What's next:
It will be interesting to see how generative AI startups leverage Visa's investment to develop new products and services that impact the future of commerce and payments. Some potential applications of generative AI in this space include:
- Developing new fraud detection and prevention systems
- Creating personalized shopping experiences for consumers
- Streamlining the payment process for merchants
- Enabling new forms of digital commerce
Overall, Visa's investment in generative AI is a positive and encouraging development for startups and has the potential to lead to significant innovation in the years to come.