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Visa Inc. unveiled its $100 million funding venture for newly established generative artificial intelligence (AI) businesses. With this move, the American payment card processor joined the investors who pledged investments in this industry this year.
According to Reuters, after the surge in popularity of OpenAI’s ChatGPT chatbot, several major companies, including Google and Microsoft, have expressed their intention to support the generative AI sector, which is centered on a technology that develops brand-new content based on what the tool has learned from past data.
Investment in the Future of AI
Now, Visa is the latest big name to announce its support for the generative AI businesses publicly. On Monday, Oct. 2, it launched the multi-million funding venture that will be used to support startups that are involved in generative artificial intelligence. This plan exhibits Visa’s commitment to encouraging and promoting innovation in the fast-evolving realm of AI technology.
The credit card issuer’s move also represents a notable financing in the future of AI. Then again, Visa has not specified the type of companies it will invest in. It did not mention the criteria for selection as well, but what is definite is that it will be in the line of finance, technology, and retail with connections to AI.
Visa’s Global Investments to Foster Innovation
Meanwhile, the financing plan for AI startups is an initiative that will be led by the company’s global corporate investment unit called Visa Ventures. Since 2007, this unit has invested and collaborated with various companies to help in the innovation push for payments and commerce.
“While much of generative AI so far has been focused on tasks and content creation, this technology will soon not only reshape how we live and work, but it will also meaningfully change commerce in ways we need to understand,” Visa’s chief product and strategy officer, Jack Forestell, said in a press release.
Visa’s head of Visa Ventures, David Rolf, further said, “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.”
