Visa Launches $100 Million Fund to Invest Exclusively in Generative AI Based Startups

Visa launched a $100 million venture fund for generative artificial intelligence (AI) startups on Oct 2, joining a long list of investors who have flocked to the sector this year.

Following the success of chatbot ChatGPT, several high-profile names, including Microsoft and Alphabet's Google, have backed the AI space, which has become a buzzword in technology circles this year.

"While much of generative AI has so far been focused on tasks and content creation, this technology... will also meaningfully change commerce in ways we need to understand," said Jack Forestell, Visa's chief product and strategy officer.

Generative AI is a technology that creates brand new content based on what it has learnt from past data.