September 5, 2024

Premji Invest Eyes Major AI Investments, Entering $15 Million Funding Talks with Galileo AI

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Azim Premji, Chairman of Wipro & founder of Premji Invest, is looking to invest $10 to $15 Mn in a San Francisco-based AI startup Galileo. This investment will be a part of Galileo’s Series B funding round. Previously in 2022, Battery Ventures, Walden Catalyst, and FPV Ventures participated in the Series A funding round for Galileo, raising $18 Mn.

Founded by former google engineers Vikram Chatterji and Yash Sheth in 2021, Galileo is building the first algorithm-first LLMOps Platform for the enterprise. As an early stage company, they are helping ML teams across the Fortune 500 as well as startups across multiple industries. They hope to help ML engineers and data scientists to make their models more accurate and smooth.

Premji & the Generative AI boom

Since its inception in 2006, Premji Invest has funded companies across financial services, technology, consumer, healthcare, among others. Expanding its portfolio, now into AI startups, Premji Fund looks optimistic about the potential of global AI focused startups. Prior to this, they have led investment rounds for AI related companies like Hippocratic AI, Hugging Face, Canva and Poolside.

They have 50 companies in its portfolio, including startups like The Sleep Company, Ikigai Labs, Mintifi, SpotDraft, Lenskart, FirstCry. They have also made over 15 successful exits such as Policybazaar, Myntra, Zuora and ICICI Prudential Life Insurance. As per our recent AIM Research, as of July 2024, India has housed over 750+ AI startups overall, and 100 GenAI startups in particular, like Krutrim AI, Sarvam AI, and Kissan AI. Generative AI startups in India are transforming industries by leveraging advanced AI models such as Text, Images, LLMs, Codes and Videos.

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