Azim Premji's Company Bets On AI To Prop $10 Billion Fund
NDTV
The company, among the first large Indian asset managers to use AI tools in the private equity space, is now working on an AI quant model for its public market bets too.
PremjiInvest, the largest Indian family office that manages over $10 billion for software tycoon Azim Premji, will invest more money into artificial intelligence companies while fine-tuning its proprietary AI investment tools, a senior executive at the firm said.
The company, among the first large Indian asset managers to use AI tools in the private equity space, is now working on an AI quant model for its public market bets too, TK Kurien, its managing partner and chief investment officer, said in his first 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 worldwide, including BlackRock Inc. and SoftBank Group Corp, are relying on AI to analyse data streams in real-time to glean market intelligence and are looking to invest further in the sector. PremjiInvest started developing AI tools three years ago and hired 14 AI engineers, according to Mr Kurien. At the same time, it started backing firms venturing into the nascent technology space.
