The story is an example of how family offices are among those institutions putting money into the rapidly expanding AI space.

PremjiInvest, the Indian family office that manages more than $10 billion for software tycoon Azim Premji, will be investing more money in artificial intelligence companies, a senior executive at the firm is quoted as saying. 

The company, which uses AI tools in the private equity space, is now also working on an AI quant model for its public market bets, TK Kurien, the firm's managing partner and chief investment officer, was quoted by Bloomberg as saying. 

The asset manager will also be investing more in the AI space, he was quoted as saying. 

PremjiInvest started developing AI tools three years ago, hiring 14 AI engineers, Kurien was quoted as saying. At the same time, it started backing firms venturing into the nascent technology space.

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