Azim Premji Invest, India's largest family office managing more than $10 billion for software tycoon Azim Premji, will invest more money in AI companies as it improves its AI investment tools, a senior company executive said.

The company, one of the first major Indian asset managers to use AI tools in private equity, is now also working on a quantitative AI model for its public market bets, according to its managing partner TK Kurien. and chief investment officer. He said in his first interview after taking office in 2017. He said the asset manager, which has seen “tremendous returns,” will also invest more in ArtificialIntelligence(AI).

Investment firms around the world The world, including... That's BlackRock Inc. and SoftBank Group Corp, working on artificial intelligence to analyze real-time data streams for market intelligence and are looking to invest more in this sector. PremjiInvest began developing AI tools three years ago and has employed 14 AI engineers, according to Kurien. At the same time, it has begun to support companies venturing into the emerging technology space.

AI helps the asset manager track more than 10,000 companies around the world according to 600 parameters to identify investment opportunities. Koren said the company hopes the entire exercise will give it an overview of emerging technologies and trends that can help it stay ahead of its peers.

Cohesity Inc., a data management software company, and Holistic AI: an enterprise software company based in London, Ikigai and Pixis are among the companies in the sector that PremjiInvest has backed so far.

Kurien plans to allow open source developers access to some of its AI tools. He said the fund's architects are also developing platforms to help overburdened Indian courts resolve cases faster and also to aid governments' efforts to deliver services more effectively.

Investment strategy

Koren said that technology and financial services will be the main sectors that PremjiInvest will bet on. In India's private markets, the other two sectors in which the company invests are consumer and healthcare. In the US, investments are focused on the technology and healthcare sectors.

Premji, the reclusive billionaire and founder of Wipro Ltd., established the family office as a permanent investment vehicle in 2006 to generate profits to support their philanthropic efforts. . He has donated most of his wealth to humanitarian causes in India.

Korien, who previously worked with Wipro for over 16 years developing his operational skills,Is looking for investment targets in the US using the latest technology. Which can be brought to India. A 120-member Premji Invest team, based at its offices in Menlo Park, California, and Bengaluru, India, oversees the investments.

The company returns about 5% of its capital to Premji's charitable foundation each year. "PremjiInvest's assets are allocated as private investments, publicly traded stocks and investments in other funds," Kurien said, stepping back to provide more details.

PremjiInvest's assets are allocated as private investments, publicly traded stocks and investments in other funds, according to Kurien. The 18-year-old company has seen its assets under management quadruple in the past eight years.

“We have patient capital with no exit time frame,” he said.