Infosys to invest up to Rs 17 crore in space tech startup GalaxEye

IT giant Infosys has announced to invest up to Rs 17 crore in space tech startup GalaxEye Space Solutions as part of Infosys Innovation Fund.

The investment will be made in equity and series A compulsory convertible preference shares allotment, a regulatory filing said. " Infosys Ltd has agreed to invest in SpaceTech startup, GalaxEye up to Rs 17 crore (approximately  $2 million) as part of Infosys Innovation Fund," Infosys  said.

According to the company’s regulatory filing on the BSE, the investment, which is expected to witness completion on or before September 30, will consist of equity and Series-A compulsory convertible preference shares.

As per the company, Infosys will have a minority holding which will not exceed 20 per cent of the outstanding share capital of the company.

Notably, GalaxEye was incubated at IIT Madras and is building multi-sensor (Synthetic Aperture Radar + Multi-Spectral Imaging) satellites and synchronisation platforms. This will generate comprehensive all-weather, high-resolution and intuitive datasets. The technology and the datasets are said to benefit industries such as defence, insurance, logistics, utilities, infrastructure, agriculture, disaster management and mining.

“SpaceTech is a frontier technology with the potential to unlock significant value to businesses globally and create high-impact solutions at scale. The downstream applications of space technology and the datasets powered by AI and Analytics present a potential for data-driven decisions spanning multiple industries. Infosys Innovation Fund seeks to partner with AI and DeepTech start-ups like GalaxEye to complement its capabilities and jointly co-create next-generation solutions bringing the power of SpaceTech to help its clients navigate their business transformation,” the company stated.
 

(With PTI inputs)