Infosys to invest in California-based artificial intelligence-focussed The House Fund II

IT company Infosys Friday said it would invest USD 10 million (nearly Rs 70 crore) in California-based artificial intelligence-focussed The House Fund II. "The company announced today that it will be entering into an agreement with The House Fund II, LP, an AI-focused fund targeting start-ups from the University of California, Berkeley, committing to invest USD 10 million," the company said in a note.

The transaction is expected to be completed before the first quarter of the financial year 2019-20. Minority holding in the proposed transaction will not exceed 20 per cent of the total fund size, the note said.