David Paul Morris/Bloomberg News
Visa will invest $100 million in startups developing generative AI technologies and applications that will “impact the future of commerce and payments.”
What is known
Investments will be made through Visa Ventures. The head of the division, David Rolf, said that generative AI has the potential to become one of the most transformative technologies of our time.
Visa Ventures “has a lot of flexibility” regarding the number of investments from a new fund and the average check size, he said.
“Given the early stage of the industry, we expect the investment to be small and in the range of a few million dollars,” Rolfe said.
However, he noted that the fund has the ability to make larger investments if there are compelling reasons to do so.
The main criterion for obtaining funding is the use of generative AI to solve problems in the field of commerce, payments and fintech.
Source: TechCrunch
2023-10-03 12:07:02
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