Tech giant Infosys investing Rs 17 crore In spacetech startup GalaxEye

Bengaluru-based IT giant Infosys is investing Rs 17 crore (approximately $2 million) in GalaxEye, a spacetech startup incubated at IIT-Madras. 

The startup is focused on developing multi-sensor satellites and synchronization platforms.

The investment will be part of Infosys' Innovation Fund, which aims to partner with AI and DeepTech startups to co-create next-generation solutions.

The deal is expected to close by September 30, 2024.

Acquisition of minority stake

As part of this investment, Infosys will acquire a minority stake in GalaxEye, which will not exceed 20% of the company's outstanding share capital.

The investment will be made through equity and Series A compulsory convertible preference shares.

Infosys’ Innovation Fund, which focuses on startups working with advanced technologies, sees this investment as a strategic move to help bring the potential of spacetech to businesses undergoing transformation.

GalaxEye’s previous funding and expansion Plans

Prior to this announcement, GalaxEye had closed a $6.5 million funding round in August, led by Mela Ventures and Speciale Invest.

Investors such as ideaForge, Rainmatter, Navam Capital, Faad Capital, and Anicut Capital participated in the round. 

The startup said that these funds would be used to develop its multi-sensor payload technology and to launch its first satellite, the Drishti Mission, in 2025.

Impact across multiple sectors

GalaxEye is developing technology that produces all-weather, high-resolution datasets, which have significant downstream applications across multiple industries. These industries include defense, insurance, logistics, utilities, infrastructure, agriculture, disaster management, and mining.

Infosys emphasized the transformative power of integrating space technology with AI and analytics, potentially enabling businesses to make more data-driven decisions.