Infosys Invests Rs 17 Crore in Space Tech Startup GalaxEye

Infosys has announced an investment of up to Rs 17 crore in the space technology startup GalaxEye Space Solutions through the Infosys Innovation Fund. The investment will be made in equity and mandatory convertible preference shares. The deal, expected to close by September 30, 2024, gives Infosys a minority holding in GalaxEye.

Infosys has announced a significant investment of up to Rs 17 crore in the burgeoning space technology startup, GalaxEye Space Solutions. The funding comes through the Infosys Innovation Fund and will be directed towards equity and Series A compulsory convertible preference shares, as per a regulatory filing.

'Infosys Ltd has committed to investing in SpaceTech startup GalaxEye, contributing up to INR 17 Crores (approximately USD 2 million) through its Innovation Fund,' stated the filing. The all-cash transaction is expected to be completed by September 30, 2024, with Infosys acquiring a 'minority holding' not exceeding 20 percent of GalaxEye's outstanding share capital.

Based in Bengaluru and incubated at IIT Madras, GalaxEye is developing advanced multi-sensor satellites and a synchronization platform. These technologies aim to produce comprehensive, high-resolution, all-weather datasets that could serve multiple industries, including defense, logistics, insurance, utilities, infrastructure, agriculture, disaster management, and mining. On Thursday, Infosys shares concluded trading at Rs 1,894.15 each on the BSE.

(With inputs from agencies.)