IT Services major Infosys, on Thursday, announced that it is investing up to ₹17 crore, approximately $2 million, in a Bengaluru-based SpaceTech start-up, GalaxEye Space Solutions, as part of Infosys Innovation Fund.

According to the company’s regulatory filing on the BSE, the investment, which is expected to be completed on or before September 30, will consist of equity and Series-A compulsory convertible preference shares. Infosys will have a minority holding, not exceeding 20 per cent of the outstanding share capital of the company.

GalaxEye was incubated at IIT Madras and is building multi-sensor (Synthetic Aperture Radar + Multi-Spectral Imaging) satellites and synchronisation platforms. This will generate comprehensive all-weather, high-resolution and intuitive datasets. The technology and the datasets are said to benefit industries such as defence, insurance, logistics, utilities, infrastructure, agriculture, disaster management and mining.

“SpaceTech is a frontier technology with the potential to unlock significant value to businesses globally and create high-impact solutions at scale. The downstream applications of space technology and the datasets powered by AI and Analytics present a potential for data-driven decisions spanning multiple industries. Infosys Innovation Fund seeks to partner with AI and DeepTech start-ups like 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,” the company stated.

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