Azim Premji’s family investment firm, Premji Invest, which manages over $10 billion for the tech tycoon, is reportedly planning to invest in artificial intelligence (AI) companies. According to a Bloomberg report, TK Kurien, managing partner and chief investment officer at Premji Invest, said the fund will also focus on improving its own investment tools in the field of artificial intelligence.
Premji Invest’s investment plans in the field of artificial intelligence
In his first interview since 2017, Kurien told Bloomberg that Premji Invest is “one of the first gigantic Indian asset managers to exploit artificial intelligence tools in private equity.” He also added that they are currently working on a “quantitative AI model for betting on public markets as well.”
Kurien noted that the asset management firm has seen “exponential returns” in the AI space and plans to “invest more” in the sector.
Kurien revealed that in 2021, Premji Invest embarked on its AI journey by hiring 14 AI engineers and supporting emerging technology ventures. He mentioned that artificial intelligence helps the company analyze over 10,000 companies across 600 parameters to “identify investment opportunities.”
“The company expects that the entire study will also give it a bird’s-eye view of emerging technologies and trends that could lend a hand it stay ahead of the competition,” Kurien noted.
The report noted that in addition to Premji Invest, other global investment firms including BlackRock Inc. and SoftBank Group Corp, also exploit artificial intelligence to analyze the market in real time.
Some of the AI companies backed by Premji Invest are Cohesity Inc. (a data management software company), Holistic AI (a London-based enterprise software company), Ikigai and Pixis.
In addition to investing in AI companies, Kurien also plans to expand access to several of its AI tools for open source developers. Meanwhile, the company is also exploring how artificial intelligence can be used to streamline legal processes and improve government services.
“This will lend a hand India’s overburdened courts resolve cases faster and also assist governments in their efforts to deliver services more efficiently,” he said.
Kurien also revealed that technology and financial services could be the main investment sectors. He also noted that the company may also invest in consumer protection and healthcare in the Indian private market, as well as in healthcare and technology in the US.
The report also mentioned that with a 120-person team stretching from Menlo Park (California) to Bengaluru (India), Kurien “finds investment targets in the US with the latest technologies that can be brought to India.”
Premji Invest’s investment plans in the field of artificial intelligence
In his first interview since 2017, Kurien told Bloomberg that Premji Invest is “one of the first gigantic Indian asset managers to exploit artificial intelligence tools in private equity.” He also added that they are currently working on a “quantitative AI model for betting on public markets as well.”
Kurien noted that the asset management firm has seen “exponential returns” in the AI space and plans to “invest more” in the sector.
Kurien revealed that in 2021, Premji Invest embarked on its AI journey by hiring 14 AI engineers and supporting emerging technology ventures. He mentioned that artificial intelligence helps the company analyze over 10,000 companies across 600 parameters to “identify investment opportunities.”
“The company expects that the entire study will also give it a bird’s-eye view of emerging technologies and trends that could lend a hand it stay ahead of the competition,” Kurien noted.
The report noted that in addition to Premji Invest, other global investment firms including BlackRock Inc. and SoftBank Group Corp, also exploit artificial intelligence to analyze the market in real time.
Enhance
Some of the AI companies backed by Premji Invest are Cohesity Inc. (a data management software company), Holistic AI (a London-based enterprise software company), Ikigai and Pixis.
In addition to investing in AI companies, Kurien also plans to expand access to several of its AI tools for open source developers. Meanwhile, the company is also exploring how artificial intelligence can be used to streamline legal processes and improve government services.
“This will lend a hand India’s overburdened courts resolve cases faster and also assist governments in their efforts to deliver services more efficiently,” he said.
Kurien also revealed that technology and financial services could be the main investment sectors. He also noted that the company may also invest in consumer protection and healthcare in the Indian private market, as well as in healthcare and technology in the US.
The report also mentioned that with a 120-person team stretching from Menlo Park (California) to Bengaluru (India), Kurien “finds investment targets in the US with the latest technologies that can be brought to India.”
