In Short:
Infosys is investing up to ₹17 crore (around $2 million) in GalaxEye Space Solutions, a Bengaluru-based SpaceTech start-up. This investment, expected by September 30, gives Infosys a minority share of up to 20%. GalaxEye, originally incubated at IIT Madras, is creating advanced satellites to provide valuable data for various industries, enhancing decision-making with AI and analytics capabilities.
Infosys Takes a Bold Step into SpaceTech
In an exciting development for the tech realm, **Infosys**, the prominent IT services giant, has revealed a significant investment of up to **₹17 crore** (around **$2 million**) in the groundbreaking **Bengaluru-based SpaceTech start-up, GalaxEye Space Solutions**. This move is part of the **Infosys Innovation Fund**, highlighting the company’s commitment to fostering innovation.
Investment Details
According to a recent filing with the **Bombay Stock Exchange (BSE)**, the investment is anticipated to be finalized on or before **September 30**. This financial boost will comprise a mix of equity and **Series-A compulsory convertible preference shares**. It’s worth noting that **Infosys** will only secure a minority stake, capping their ownership at a maximum of **20%** of **GalaxEye’s** outstanding share capital.
About GalaxEye Space Solutions
**GalaxEye** is an innovative start-up that blossomed out of **IIT Madras**. They are in the process of developing advanced multi-sensor satellites that integrate **Synthetic Aperture Radar** with **Multi-Spectral Imaging** capabilities. These state-of-the-art satellites are poised to create a rich array of all-weather, high-resolution datasets.
The applications of this cutting-edge technology extend across numerous industries, including **defence**, **insurance**, **logistics**, **utilities**, **infrastructure**, **agriculture**, **disaster management**, and **mining**. The insights generated could revolutionize how these sectors operate, drive efficiency, and enhance decision-making.
- Also read: GalaxEye Space raises ₹8.3 crore investment from Ideaforge
The Future of SpaceTech
In a statement about this promising venture, **Infosys** emphasized, “**SpaceTech** is a frontier technology with incredible potential to deliver substantial value to businesses worldwide and craft impactful solutions on a grand scale. The downstream applications of space technology, along with datasets powered by **AI** and **Analytics**, open up vast opportunities for data-driven decisions across various sectors. The **Infosys Innovation Fund** aims to collaborate with **AI** and **DeepTech** start-ups like **GalaxEye**, to enhance our capabilities and collaboratively develop next-generation solutions that harness the power of SpaceTech, guiding our clients through their business transformations.”
