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Visa launches $100 million venture fund for generative AI startups
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(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.
(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)
Venture capital is a form of private equity financing that is provided to early-stage, high-potential growth startup companies. It typically involves investing in exchange for equity in the company.
Artificial intelligence (AI) refers to the simulation of human intelligence in machines programmed to think and learn. It encompasses various technologies, including machine learning and natural language processing.
Generative AI is a type of artificial intelligence that creates new content by learning from existing data. It can generate text, images, and other media, significantly impacting various industries.
A venture fund is a pool of capital that investors contribute to, which is then used to invest in startup companies and small businesses with high growth potential in exchange for equity.
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