Payments processor Visa has joined the number of investors who have rushed to the field this year by launching a $100 million venture fund for start-ups using generative artificial intelligence.
After chatbot ChatGPT’s success, a number of well-known companies, including Microsoft and Google, have backed the AI sector, which has been a hot topic in the tech community this year.
The chief product and strategy officer of Visa, Jack Forestell, stated in a statement that “while much of generative AI has been focused on tasks and content creation so far, this technology… will also meaningfully change commerce in ways we need to understand.”
A system known as “generative AI” produces entirely new material based on what it has learned from previously collected data.
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