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Tech Giant's Family Office Makes Landmark $10 Billion Commitment to AI Innovation

PremjiInvest, India's largest family business that manages more than $10 billion for software business Azim Premji, will fine-tune its proprietary AI investment tools and invest more in smart companies, a company executive said AI has private banking.

The company, one of the first large Indian asset managers to use the tools, is now working on an AI quant model for its public market bets as well, its managing partner and chief financial officer TK said in an interview after taking the role in 2017 saw increased profitability. The asset manager, which has seen “exponential returns," will also invest more in the AI space, he said.

The asset manager will invest even more in the AI space, he said. Institutional investors around the world, including BlackRock Inc. and SoftBank Group Corp., rely on AI to analyze databases in real time to gather market intelligence and ensure more investment in this area.

PremjiInvest started developing AI tools three years ago and has hired 14 AI engineers, according to Kurien. At the same time, it began to support companies involved in the nascent technology sector.

AI is helping asset managers on 600 criteria for more than 10,000 businesses worldwide identify investment opportunities. Kurien said the company expects the overall exercise will also expose it to emerging technologies and products that can help it stay ahead of its peers.

Cohesity Inc.  A data-management software company, Holistic AI   a London-based enterprise software business, Ikigai, and Pixis are among the companies in the workshop.PremjiInvest has so far helped Kurien open-source developers.

He said the bank’s engineers are also developing strategies to help India’s overburdened courts resolve cases faster and help governments in their efforts to deliver services more efficiently.

Investment strategy and technology and financial services will be top areas for PremjiInvest to bet on, Kurien said. Two other areas in the private markets in India where the company invests are consumer and healthcare. Investments in the U.S. are in the health and technology sectors.

PremjiInvest divides its assets into private equity, publicly traded securities, and alternative investments, according to Kurien. The 18-year-old company has quadrupled its assets under management over the past eight years. “We are a patient capital with no deadline to exit,” he said. With the help of Sanjeet Das, Rohit Pathak, and Suvashree Ghosh.

Conclusion: As the tech giant’s family office pledges $10 billion to boost AI innovation, the stage is set for a new era of breakthroughs and discoveries that will redefine the possibilities of intelligent technology.