Infosys announced a Rs 17 crore ($2 million) investment in spacetech startup GalaxEye, a company focused on developing multi-sensor satellites and synchronization platforms.
In a press release, Infosys stated, “Infosys Innovation Fund seeks to partner with AI and DeepTech startups such as GalaxEye to complement its capabilities and jointly co-create next-generation solutions, bringing the power of spacetech to help its clients navigate their business transformation.” This strategic move will allow Infosys to acquire a minority stake, not exceeding 20 percent of GalaxEye’s outstanding share capital.
The investment will involve equity and Series A compulsory convertible preference shares, with the deal expected to close by September 30, 2024.
Earlier on August 1, GalaxEye successfully completed a $6.5 million investment round, led by Mela Ventures and Speciale Invest, along with participation from ideaForge and other investors such as Rainmatter, Navam Capital, Faad Capital, and Anicut Capital. The funds will be directed toward launching GalaxEye’s first satellite, the Drishti Mission, in 2025, and further developing its multi-sensor payload technology.
Founded and incubated at IIT-Madras, GalaxEye raised $3.5 million in seed funding in 2022, led by Speciale Invest, with contributions from prominent investors like Nithin Kamath (Zerodha founder) and Prashant Pitti (EaseMyTrip CEO).
GalaxEye specializes in generating high-resolution, all-weather, and intuitive datasets that have diverse applications across industries such as defense, insurance, logistics, utilities, infrastructure, agriculture, disaster management, and mining. Infosys noted in its release that the combination of AI and analytics-powered space technology offers significant potential for data-driven decision-making across multiple sectors.
Infosys emphasized that spacetech is a cutting-edge frontier with the potential to unlock substantial value for global businesses, creating large-scale, high-impact solutions.
GalaxEye has also partnered with drone companies like ideaForge in the defense sector, working together to develop SAR payloads for drones with critical defense applications.
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