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Monday, April 29, 2024

Report: Azim Premji's Fund Is Planning To Increase Its Stake In AI Ventures

Premji Fund to Boost AI Stake

Report Azim Premji Fund Is Planning To Increase Its Stake In AI Ventures

The private equity fund PremjiInvest, which is owned by Azim Premji and is responsible for overseeing his over $10 billion personal portfolio, has said that it plans to increase its investments in artificial intelligence (AI) startups while also improving its in-house AI investment capabilities.

The company is utilizing AI capabilities to expand its reach beyond private equity and into public market investments, as disclosed by TK Kurien, managing partner and chief investment officer of the company. In line with a Bloomberg article, the business intends to double its expenditures in artificial intelligence technologies.

Globally, investment firms such as BlackRock Inc. and SoftBank Group Corp. are utilizing artificial intelligence (AI) to sort through real-time data streams and extract market insights. Businesses are keen to increase their financial commitments to this field.

Three years prior, PremjiInvest had brought in a group of fourteen highly qualified AI developers to begin the development of AI technology. In addition, they have been supporting businesses who are entering the AI market.

PremjiInvest has supported businesses in the data management and corporate software domains, including Cohesity Inc., Holistic AI, Ikigai, and Pixis.

Open-source developers will be able to access a portion of Kurien's AI technologies. The engineers working on the fund are developing tools to help India's courts handle cases more quickly and to help governments provide services more successfully.

Kurien is currently concentrating on locating investment opportunities in the US after spending more than 16 years honing his operational experience at Wipro. Additionally, he is drawn to businesses that have cutting-edge technology that India can adopt.

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