Infosys said that the investment will be made through the Infosys Innovation Fund, which focuses on collaborating with artificial intelligence and deeptech startups
The investment is part of GalaxEye’s ongoing Series A round. Last month, the startup raised INR 55 Cr from investors including Mela Ventures and Speciale Invest
GalaxEye aims to build the world’s first multi-sensor earth observation satellite, alongside a constellation of indigenous micro-satellites with advanced data fusion capabilities
IT giant Infosys is investing INR 17 Cr (about $2 Mn) in Bengaluru-based spacetech startup GalaxEye’s ongoing Series A funding round to acquire a minority stake.
In an exchange filing, Infosys said that the investment will be made through the Infosys Innovation Fund, which focuses on collaborating with artificial intelligence and deeptech startups to develop next-generation solutions for its clients.
The transaction is set to be completed by September 30, following which the IT company will own a minority stake, not exceeding 20% of the outstanding share capital of the startup.
Last month, the startup raised INR 55 Cr (around $6.5 million) from investors including Mela Ventures and Speciale Invest. Other participants in the funding round include Rainmatter Capital, Navam Capital, Faad Capital, Anicut Capital, and drone tech startup ideaForge.
CEO Suyash Singh then said that the funds would facilitate the launch of the startup’s first satellite, the Drishti Mission, by mid-2025.
GalaxEye then said that it would close the funding round by September.
In July, dronetech startup ideaForge also invested INR 8.28 crore in GalaxEye in its Series A round with an eye on developing drone-based sensors capable of penetrating fog and foliage.
Founded in 2021 by Singh, Denil Chawda, Kishan Thakkar, Pranit Mehta, and Rakshit Bhatt, GalaxEye aims to build the world’s first multi-sensor earth observation satellite, alongside a constellation of indigenous micro-satellites with advanced data fusion capabilities.
It is pertinent to note that India is home to over 150 spacetech startups, including notable names like Pixxel, Agnikul, and Skyroot. The sector has benefited from government initiatives and the active involvement of venture capitalists, fostering a robust ecosystem.
Between 2014 and 2023, Indian spacetech startups raised over $285 million in funding, reflecting growing investor confidence in the sector, which is projected to present opportunities exceeding $77 billion by 2030.
By Inc42 Media
Source: Inc42 Media