New Delhi: On Thursday, Infosys, an IT company, announced it would be investing up to Rs 17 crore in the space technology startup GalaxEye Space Solutions as a part of the Infosys Innovation Fund. According to a regulatory filing, the investment will involve equity and mandatory convertible preference shares allotment in series A. "It was stated that Infosys Ltd has decided to invest up to INR 17 Crores (around USD 2 million) in SpaceTech startup GalaxEye under the Infosys Innovation Fund." The cash-only transaction is anticipated to be finalized by September 30, 2024.
Infosys plans to acquire a "minority holding" in GalaxEye, which will not exceed 20 percent of the company's outstanding share capital, according to the filing. Founded at IIT Madras and headquartered in Bengaluru, GalaxEye is developing multi-sensor satellites and a synchronization platform that produces detailed all-weather, high-resolution, and user-friendly datasets.
The technology and datasets have the potential to bring advantages to a wide range of industries including defense, insurance, logistics, utilities, infrastructure, agriculture, disaster management, and mining. The closing price for Infosys shares on Thursday on the BSE was Rs 1,894.15 per share.
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