According to media reports, Infosys announced on September 19 that it will invest Rs 17 crore (USD 2 million) in GalaxEye, a spacetech startup focused on building multi-sensor satellites and synchronization platforms. This investment is part of the Infosys Innovation Fund's strategy to partner with AI and DeepTech startups to enhance its capabilities and co-create next-generation solutions.
As per media reports, the Bengaluru-based IT firm will acquire a minority stake of up to 20 per cent of GalaxEye's outstanding share capital. The investment will be made through equity and Series A compulsory convertible preference shares, with the deal expected to close by September 30, 2024.
In August, GalaxEye announced the completion of a USD 6.5 million funding round led by Mela Ventures and Speciale Invest, with participation from ideaForge and other investors. According to media reports, these funds will help GalaxEye launch its first satellite, the Drishti Mission, in 2025 and further develop its multi-sensor payload technology.
The IIT-Madras-incubated startup aims to generate high-resolution, all-weather datasets that could benefit various sectors, including defense, insurance, logistics, and agriculture, as reported by the media. Infosys highlighted that the integration of space technology and AI-driven analytics has the potential to unlock significant value across multiple industries.
According to media reports, GalaxEye is also collaborating with drone companies like ideaForge to develop SAR payloads for defense applications, indicating the startup's commitment to creating impactful solutions.
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