Visa plans to invest $100M in AI-based firms
October 2 2023
Visa has announced a $100 million investment in generative AI technology and applications through its investment arm, Visa Ventures. This technology, which uses AI trained on extensive data sets to create text, images, or additional content from text prompts, is predicted to significantly alter commerce and payments. Visa Ventures’ representatives have expressed strong belief in the transformative potential of generative AI.
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What does it mean?
- Visa Ventures: The investment arm of Visa, a company primarily known for its credit and debit card services, which invests in promising startups and technologies.
- Generative AI technology: A type of artificial intelligence technology that generates new data from existing datasets. It can create a variety of content such as text, images, and other types of content based on initial prompts.
- Data sets: A collection of related sets of information that is composed of separate elements but can be manipulated as a unit by a computer.
- Text prompts: Initial instructions or phrases provided to an AI system to guide its data generation process.
- Commerce: The activity of buying and selling, especially on a large scale.
- Payments: The action or process of paying someone or something, or of being paid.