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Home Headlines Visa launches $100 million venture fund for generative AI startups
2023 10 02T221714Z 2 LYNXNPEJ910ZG RTROPTP 4 FINANCE VISA

Visa launches $100 million venture fund for generative AI startups

by Uma Rajagopal
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Visa launches $100 million venture fund for generative AI startups

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

Several high-profile names such as Microsoft and Alphabet’s Google have backed the AI space, a buzzword in technology circles this year, after chatbot ChatGPT’s popularity.

“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 is a technology that creates brand new content based on what it has learnt from past data.

 

(Reporting by Niket Nishant in Bengaluru; Editing by Shilpi Majumdar)

 

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Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.