Infosys has announced plans to invest ₹17 crore (approximately $2 million) in SpaceTech startup, GalaxEye Space Solutions through its Infosys Innovation Fund.
Infosys will acquire a minority holding, not exceeding 20% of its outstanding share capital. Infosys Innovation Fund will invest in equity and Series A compulsory convertible preference shares and expects the deal to close by September 30, 2024.
Incubated at IIT Madras and based out of Bangalore, GalaxEye is a SpaceTech startup for Earth Observation. GalaxEye is building multi-sensor (Synthetic Aperture Radar + Multi-Spectral Imaging) satellites and a synchronization platform. This generates comprehensive all-weather, high-resolution and intuitive datasets. The technology and the datasets potentially benefit various industries such as defense, insurance, logistics, utilities, infrastructure, agriculture, disaster management and mining.
This investment comes after GalaxEye successfully closed a $6.5 million as part of the Series A funding led by Mela Ventures and Speciale Invest. The round also saw participation from drone manufacturer ideaForge, with additional investments from Rainmatter, Navam Capital, Faad Capital, and Anicut Capital.
The funds are aimed at launching GalaxEye’s inaugural satellite, the Drishti Mission, in 2025 and advancing its multi-sensor payload technology.
In 2022, the startup raised $3.5 million in seed funding, led by Speciale Invest, with participation from Zerodha founder Nithin Kamath and EaseMyTrip CEO Prashant Pitti. The company has also partnered with drone company IdeaForge to develop Synthetic Aperture Radar (SAR) payloads for defense applications.
