In January 2023, Microsoft CEO Satya Nadella remarked that a golden age of AI is underway. Visa is an American multinational payment card services company that is said to facilitate electronic fund transfers.
In October 2023, Visa announced the launch of a $100 million venture fund.While generative AI is said to have been associated with content creation and tasks, Visa is said to look at its potential to reshape the way people live, work and the way commerce is conducted. While the potential for financial returns may be a driving force for Visa, it is said that the primary objective of this initiative is to understand the transformative impact that generative AI would have on the future of commerce.Its focus is said to be on startups that harness generative AI to address real challenges in commerce, payments and FinTech.
This could encompass a broad spectrum, from B2B processes in payments to infrastructure that could reshape commerce.
This seems to follow the footsteps of tech heavyweights, like Google and Microsoft, which seem to have thrown their weight behind this burgeoning sector.It might be the meteoric rise of OpenAI’s ChatGPT, which was released in late 2022.
Generative AI startups seem to have been having an interesting time since then. OpenAI was last valued at $29 billion and it’s projected to hit $200 million in 2023. Generative AI company Runway raised $50 million at a $500 million valuation in December 2022.
In June 2023, Runway was valued at about $1.5 billion after its latest round of funding. AI video creation platform Synthesia raised about $90 million to hit a valuation of around $1 billion in June 2023.
AI content platform Jasper raised $125 million at a $1.5 billion valuation in October 2022. That being said, Jasper let go of an unknown number of employees in July 2023. Inflection AI announced in June 2023 that it had raised about $1.3 billion from investors, bringing its valuation to about $4 billion.
Additionally, in the same month, Mistral AI, a French startup, raised about $114 million just weeks after launching in seed funding without developing a product.
In January 2023, Microsoft CEO Satya Nadella remarked that a golden age of AI is underway. Visa is an American multinational payment card services company that is said to facilitate electronic fund transfers.
In October 2023, Visa announced the launch of a $100 million venture fund.While generative AI is said to have been associated with content creation and tasks, Visa is said to look at its potential to reshape the way people live, work and the way commerce is conducted. While the potential for financial returns may be a driving force for Visa, it is said that the primary objective of this initiative is to understand the transformative impact that generative AI would have on the future of commerce.Its focus is said to be on startups that harness generative AI to address real challenges in commerce, payments and FinTech.
This could encompass a broad spectrum, from B2B processes in payments to infrastructure that could reshape commerce.
This seems to follow the footsteps of tech heavyweights, like Google and Microsoft, which seem to have thrown their weight behind this burgeoning sector.It might be the meteoric rise of OpenAI’s ChatGPT, which was released in late 2022.
Generative AI startups seem to have been having an interesting time since then. OpenAI was last valued at $29 billion and it’s projected to hit $200 million in 2023. Generative AI company Runway raised $50 million at a $500 million valuation in December 2022.
In June 2023, Runway was valued at about $1.5 billion after its latest round of funding. AI video creation platform Synthesia raised about $90 million to hit a valuation of around $1 billion in June 2023.
AI content platform Jasper raised $125 million at a $1.5 billion valuation in October 2022. That being said, Jasper let go of an unknown number of employees in July 2023. Inflection AI announced in June 2023 that it had raised about $1.3 billion from investors, bringing its valuation to about $4 billion.
Additionally, in the same month, Mistral AI, a French startup, raised about $114 million just weeks after launching in seed funding without developing a product
