In order to invest in the next generation of businesses devoted to developing generative AI technologies and applications that will have an impact on the future of commerce and payments, Visa, a leader in global payments, recently announced a new $100 million generative AI venture initiative.
After chatbot ChatGPT’s success, a number of well-known companies, including Microsoft and Alphabet’s Google, have backed the AI sector, which has become a hot topic in the tech community this year.
“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,” said Jack Forestell, Chief Product and Strategy Officer, Visa Inc.
This initiative will be led by Visa Ventures, the global corporate investment arm of Visa. Since 2007, Visa Ventures has partnered with and invested in businesses that are advancing innovation in payments and commerce.
“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,” said David Rolf, Head of Visa Ventures, Visa Inc.
In more than 200 countries and territories, Visa, a global leader in digital payments, facilitates transactions between customers, businesses, financial institutions, and governmental bodies. Their goal is to unite the world through the most cutting-edge, practical, dependable, and secure payments network, enabling economies, businesses, and people to prosper.