Azim Premji Invest, India’s largest family office that manages more than $10 billion for software tycoon Azim Premji, will invest more money in artificial intelligence companies while fine-tuning its proprietary AI investment tools, a company executive said.
The firm, one of the first major Indian asset managers to use AI tools in private equity, is now working on a quantum AI model for its public market bets as well, said TK Kurien, its managing partner and chief investment officer.
Interview after taking the role in 2017. The asset manager, which has seen “exponential returns,” will also invest more in the AI space, he said.
Investment firms around the world, including BlackRock Inc. and SoftBank Group Corp, rely on AI to analyze real-time data streams to gain market intelligence and are looking to invest further in the sector.
PremjiInvest started developing AI tools three years ago and has hired 14 AI engineers, according to Mr Kurien. At the same time, it began to support companies venturing into the nascent technological space.
started developing AI tools three years ago.
PremjiInvest, India’s largest family office that manages more than $10 billion for software tycoon Azim Premji, will invest more money in artificial intelligence companies while fine-tuning its proprietary AI investment tools, a company executive said.
The firm, one of the first major Indian asset managers to use AI tools in private equity, is now working on a quantum AI model for its public market bets as well, said TK Kurien, its managing partner and chief investment officer.
Post-role interview conducted in 2017. According to him, the fund manager, who has experienced “exponential returns,” will increase its investments in the AI industry.
Investment firms around the world, including BlackRock Inc. and SoftBank Group Corp, rely on AI to analyze real-time data streams to gain market intelligence and are looking to further invest in the sector. PremjiInvest started developing AI tools three years ago and has hired 14 AI engineers,
according to Mr Kurien. At the same time, it began to support companies venturing into the nascent technological space.
Artificial intelligence helps the asset manager search over 10,000 companies worldwide on 600 parameters to identify investment opportunities. The company expects the entire exercise to also give it a bird’s-eye view of emerging technologies and trends that could help it stay ahead of others, Kurien said.
Cohesity Inc. – a data management software company; Holistic AI – a London-based enterprise software business; Ikigai and Pixis are among the firms in the sector that PremjiInvest has backed so far.
Mr. Kurien plans to open source developers access to some of his AI tools. The fund’s engineers are also developing platforms that will help India’s overburdened courts resolve cases faster, as well as help governments try to offer services more efficiently, he said.
Investment strategy
Technology and financial services will be the main sectors that PremjiInvest will be betting on, Mr. Kurien said. In India’s private markets, the other two sectors in which the firm invests are consumer and healthcare. In the US, investments are focused on the healthcare and technology sectors.
I am Mr Premji, the enigmatic billionaire who established Wipro Ltd. and set up the family office in 2006 as a perpetual investment vehicle to generate profits to support his philanthropic efforts. He donated most of his wealth to humanitarian causes in India.
Mr Kurien, who previously worked with Wipro for over 16 years building its operating units, is looking for investment targets in the US using the latest technologies that can be brought to India. Investments are overseen by PremjiInvest’s 120-member team based in offices in Menlo Park, California and Bengaluru, India.
According to Mr Kurien, the corporation allocates approximately 5% of its capital annually to Mr Premji’s philanthropic foundation without offering any information.
According to Mr. Kurien, PremjiInvest’s assets are allocated as private investments, publicly traded stocks and investments in other funds. The 18-year-old firm has seen a four-fold increase in assets under management over the past eight years.
