In a strategic move, leading payments processor Visa announced the launch of a $100 million venture fund dedicated to supporting startups in the field of generative artificial intelligence (AI).
This initiative marks Visa’s entry into the rapidly evolving AI landscape, joining a host of prominent investors who have demonstrated a keen interest in this sector throughout the year.
Renowned industry players, including Microsoft and Alphabet’s Google, have shown significant backing for the AI domain. The surge in interest can be attributed to the widespread popularity of technologies like ChatGPT, emphasizing the pervasive influence of AI in technology circles.
Jack Forestell, Visa’s Chief Product and Strategy Officer, emphasized the transformative potential of generative AI beyond conventional tasks and content creation. He stated, “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 venture capital fund aims to facilitate advancements and applications of generative AI, exploring the potential for innovation and disruption in various industries, especially within the commerce domain. This substantial investment signifies Visa’s commitment to staying at the forefront of technology, embracing the promise that generative AI holds for shaping the future of commerce and customer experiences.
Visa Ventures, the global corporate investment arm of Visa, has been investing in and partnering with companies driving innovation in payments and commerce since 2007. Visa Ventures did not reveal the size of its past investment in technology companies.
With this fund, Visa endeavors to foster collaboration and partnerships with innovative startups, encouraging the development of cutting-edge AI technologies that can drive progress, enhance efficiencies, and ultimately reshape the landscape of commerce and related sectors. The fund is expected to serve as a catalyst for groundbreaking AI-driven solutions, further propelling the growth of generative AI and its applications across industries.