Visa earmarks $100M to spend money on generative AI firms

Visa introduced immediately that it plans to speculate $100 million in firms creating generative AI applied sciences and purposes “that can impression the way forward for commerce and funds.”

The investments shall be made by means of Visa Ventures, the cardboard large’s 16-year-old international company funding arm. 

Visa claims to have been a “pioneer of AI use in funds” since 1993. For the unacquainted, generative AI is an rising subset of AI skilled on massive units of current knowledge to generate textual content, photos or different content material when given textual content prompts. 

“Whereas a lot of generative AI to date has been centered on duties and content material creation, this know-how will quickly not solely reshape how we reside and work, however it should additionally meaningfully change commerce in methods we have to perceive,” stated Jack Forestell, chief product and technique officer of Visa, in a written assertion.

David Rolf, head of Visa Ventures, stated that generative AI has the potential “to be one of the vital transformative applied sciences of our time.”

In August, TechCrunch talked with Marie-Elise Droga, who was appointed Visa’s new head of fintech late final 12 months. On the time, she famous that her group “usually collaborates” with the Visa Ventures group – serving as kind of a scout engine for Visa’s enterprise arm

We’ve reached out to Visa for extra particulars on their funding plans and can replace the story once we get them.

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