Global payments leader Visa has unveiled a $100-million venture fund dedicated to supporting generative artificial intelligence (GenAI) startups. The fund aims to provide financial support to companies focused on developing GenAI technologies.
David Rolf, Head of Visa Ventures, Visa, expressed enthusiasm about the potential of generative AI, stating, “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 disruptive venture-backed startups building across generative AI, commerce, and payments.”
The fund will be managed by Visa Ventures, the 16-year-old global corporate investment arm of Visa, which has a history of actively investing in and partnering with companies in the payments and commerce sectors.
GenAI technology utilizes advanced computer models to generate text, images, or other content by drawing upon vast amounts of existing data when given prompts.
Jack Forestell, Chief Product and Strategy Officer at Visa, highlighted the potential impact of generative AI, stating, “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 change commerce in ways we need to understand.”
