Wipro Ventures, a corporate venture arm of Wipro Ltd, has appointed Ali Wasti as its new co-managing partner to focus on artificial intelligence (AI) investments. Wasti, a veteran investor in deep-tech startups, joins from Hewlett Packard Enterprise, where he was senior managing director and global head of investments at Pathfinder Ventures.
In his new role, Wasti will work alongside Biplab Adhya, Wipro Ventures’ co-managing partner. The appointment is seen as a strategic move by Wipro to deepen its focus on AI investments, as Wasti has a proven track record in investing in AI, data infrastructure, and cybersecurity.
The move is also seen as a response to the growing importance of AI in the technology industry, with Wipro Ventures receiving a $200 million infusion to accelerate investments in early- to mid-stage startups.
Wipro Ventures was launched in 2015 as a strategic investment arm to gain a foothold in startups that threatened the dominance of IT service providers. The venture arm has invested in 37 companies and has over 250 clients, with a majority of its portfolio companies based in the US.
The appointment of Wasti is seen as a win-win for Wipro, as it aims to drive AI investments and vertical investments in the future. Analysts believe that Wipro’s focus on AI will be a key factor in its growth, as AI becomes increasingly important in the technology industry.
Wipro Ventures is not the only investment arm associated with India’s fourth-largest information technology services company. Azim Premji, Wipro’s founder, has a family office called Premji Invest, which invests in startups building new-age technologies and supports initiatives of the Azim Premji Foundation.