Azim Premji's Premji Invest to increase investments in AI startups: Report

PremjiInvest, Azim Premji's private equity fund, is making significant strides in the artificial intelligence (AI) sector. The firm said it will increase its investment in AI technologies and expand the use of AI tools from private equity into public market investments. 

With a managed portfolio worth over $10 billion, the firm is positioning itself to be a key player in the evolving tech landscape, Bloomberg reported.

Strategic AI investment and expansion

TK Kurien, the managing partner and chief investment officer at PremjiInvest, highlighted the firm's strategic shift, stating, "The company is extending its use of AI tools beyond private equity into the space of public market investments."

The move aligns with global trends where major investment firms, including BlackRock Inc. and SoftBank Group Corp, are intensifying their focus on AI to capitalize on real-time data for better market insights.

Development and open-sourcing of AI tools

PremjiInvest has developed a proprietary AI quant model that aids in making informed decisions in the public market. The firm began developing these AI tools three years ago and has grown its AI engineering team to 14 members. These tools have already produced "exponential returns," according to Kurien.

Additionally, Kurien revealed plans to open-source some of these AI tools, enabling wider access and collaboration within the tech community.

Focus on technological integration and philanthropy

As it expands its AI capabilities, PremjiInvest continues to support a range of startups and established companies like Cohesity Inc., and Holistic AI, specializing in data management and enterprise software.

Kurien, who has over 16 years of leadership experience at Wipro, is now looking to leverage these technological advancements not only for financial gains but also to support philanthropic activities, aligning business growth with societal benefits.

Bringing innovative technologies to India

Looking forward, PremjiInvest is set to increase its investments in AI technologies, further integrating cutting-edge tools into its investment strategies.

Kurien’s focus is also set on bringing innovative technologies to India, potentially revolutionizing sectors beyond finance, such as legal and governmental services, through advanced AI applications. The move signifies a broader ambition to mold PremjiInvest into a globally recognized leader in AI-driven investment strategies.