Bengaluru-based IT giant Information systems is investing Rs 17 crore (about $2 million) in GalaxEye, a space technology startup incubated at IIT-Madras.
The startup focuses on the development of 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 on September 30, 2024.
Acquisition of minority stake
As part of this investment, Infosys will acquire a minority stake in GalaxEye, not exceeding 20% of the outstanding share capital of the company.
The investment will be made through capital and mandatory convertible preferred shares Series A.
Infosys Innovation Fund, which focuses on startups working with advanced technologies, sees this investment as a strategic move to help bring the potential of space technology to companies undergoing transformation.
GalaxEye’s Previous Financing 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 included ideaForge, Rainmatter, Navam Capital, Faad Capital and Anicut Capital.
The startup said these funds will be used to develop its multi-sensory payload technology and to launch its first satellite, the Drishti Mission, in 2025.
Impact on multiple sectors
GalaxEye is developing technology that produces high-resolution, all-weather data sets, which have important downstream applications across multiple industries including 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.
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