22nd February 2024 4:38 pm
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Visa to invest $100 million in generative AI companies

  • Visa has announced that it will invest $100 million into companies that are working on generative AI projects.
  • The company emphasised that it’s specifically looking at companies working on projects in the commerce and payments space.
  • Visa also confirmed that the size of the investment will depend on the promise of the generative AI project.

Generative AI is big business. The largest silicon valley firms have already poured millions of dollars into developing platforms and solutions, and Visa is no different, this week announcing that it plans to invest as much as $100 million into companies that are working on generative AI.

Given that Visa operates in the financial space, it is naturally looking for generative AI projects from companies that specialise or have a keen interest in commerce and payments.

The company says the newly announced initiative will, “invest in the next generation of companies focused on developing generative AI technologies and applications that will impact the future of commerce and payments.”

“Visa considers this initiative an extension of the company’s leadership in AI use to drive innovation in payments, create value for partners and clients and enable and empower global commerce,” it added in a blog post.

The Ventures arm of the business will be the main port of call for companies looking to get a slice of the aforementioned $100 million, with David Rolf, head of Visa Ventures, telling TechCrunch that the size of the investment will vary depending on the company and the nature of the project. As such, the promise it shows, the larger the investment should be.

“Given the early stage of the industry we’d expect to make a range of smaller investments of a few $M. That said, we have the ability to make larger investments where there is a strong rationale to do so,” he told the publication via email.

“We are interested in companies at multiple levels of the stack, from data organization for GenAI up to the experiences that users will have at work or in their personal lives. Visa can be a impactful enabler of companies solving the next set of challenges to further unlock commerce and this is a way for us to connect with those startups. One of our key considerations is how well these companies are practicing responsible use of AI, in line with Visa’s policies,” he added.

Those companies interested in this newly announced investment initiative from Visa, are advised to head to the Ventures portal here.

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