Find out more about the team spearheading our investments in this exciting new space.
Since ChatGPT took the world by storm in 2022, Artificial Intelligence (AI) has been an unstoppable force shaping the future of every industry. As the race for better Generative and Agentic AI models heats up, the Technology Investment Group (TIG) in GIC’s Private Equity department leads the charge in understanding and investing in this transformation, from early-stage startups to global tech leaders.
“TIG’s mission is to invest in category-creating and leading technology companies and deliver returns at scale,” said Chris Emanuel, Head, TIG. Based in our San Francisco office, Chris has been with GIC for 13 years, and set up TIG in 2017.
AI is a platform shift that will require innovation at every layer of the technology stack. For this reason, TIG looks at the entire tech stack – semiconductors, AI infrastructure software, the large language model (LLM) layer, and AI applications – because each layer supports the next.
Their approach supports GIC’s “three-layer lens” on AI: enablers, monetisers, and adopters. Enablers are the builders of the digital foundation – think chips, cloud infrastructure, and security systems that make AI possible. Monetisers are the software innovators embedding AI into products and services. And adopters are the companies using AI to make real-world improvements to their efficiency and growth. This lifecycle approach, investing across all three layers, helps GIC capture value as AI evolves, while staying resilient through market cycles.
What sets GIC’s TIG apart from other tech investors is its long-term mindset. The team focuses on enduring business models. They look for companies with strong fundamentals – clear moats, sound economics, and the ability to scale. Tapping GIC’s global presence, TIG can spot early innovation in one market and apply those insights worldwide. GIC’s large portfolio and network also allows TIG to act as a conduit facilitating connections between companies – for instance, its flagship event, the GIC Bridge Forum, brings together hundreds of tech founders and senior enterprise executives from around the world.
“It’s a privilege to partner with the best entrepreneurs in the world and support them as they bring to life their vision,” Chris said.
Recent investments highlight TIG in action. It has backed firms like Anthropic – whose Claude model is among the leading AI agents in the world – investing in the Series F, leading the Series G, and co-leading the Series H funding rounds which brought the company to a total valuation of US$965 billion. It also co-led a US$200 million funding round for Harvey, whose AI platform is transforming legal workflows; a CAD$750 million funding round for Wealthsimple, whose mobile application is reshaping digital finance for everyday users through AI-enabled smart features; a US$750 million funding round for Ramp, whose software helps businesses manage their expenses, pay bills, and automate accounting all in one place; and led the $500mn Series F round of Supabase, the global open-source Postgres development platform which safely organises and stores computer data. Each investment represents a different stage in the AI value chain, reflecting TIG’s belief in diversification.
Ultimately, TIG’s work is about translating technological change into long-term value for the GIC portfolio. By combining curiosity with discipline, and innovation with stewardship, the group is helping GIC stay ahead in a world where technology is rewriting the rules of business – and doing so with a steady hand and a clear purpose.
“It’s a privilege to lead something this important – and an even greater one to do it alongside colleagues in TIG whose ambition inspires me daily,” Chris said.
| For a closer look at how GIC approaches AI investing, check out the Feature Article in the GIC Report. |