Visa Launches $100 Mn Fund To Support Generative AI Startups
Visa on Monday said it has established a USD 100 million venture fund dedicated to nurture and advance generative artificial intelligence (AI) startups.
The move underscores the surging interest and investments within the AI sector, following in the footsteps of tech giants like Microsoft and Google, who have made significant forays into this rapidly evolving field.
The generative AI domain, characterised by its ability to create content and data in a human-like manner, has recently captured widespread attention within technology circles. This newfound enthusiasm can be partly attributed to the rise of ChatGPT, a chatbot developed by OpenAI, which has gained immense popularity and acclaim for its natural language generation capabilities.
Jack Forestell, Visa's Chief Product and Strategy Officer, emphasised the transformative potential of generative AI in shaping the future of commerce. While generative AI has primarily been utilised in tasks and content creation, it is increasingly poised to revolutionise commerce in profound ways, according to Forestell.
