Infosys has announced intentions to invest up to INR 17 crore in space technology firm GalaxEye Space Solutions via its Infosys Innovation Fund. According to a regulatory filing, the investment would include both stock and compulsory convertible preference shares. The transaction, which is expected to be finalized by September 30, 2024, would give Infosys a minority investment in GalaxEye, no more than 20% of the startup’s total outstanding shares.
GalaxEye Space Solutions, created at IIT Madras and located in Bengaluru, is at the cutting edge of space technology. The business is creating multi-sensor satellites and synchronization systems to generate high-resolution, all-weather information. These technologies have a wide range of applications, including defense, insurance, logistics, infrastructure, agriculture, and disaster management.
This investment comes after GalaxEye completed a USD 6.5 million fundraising round on August 1, 2024, headed by Mela Ventures and Speciale Invest, with additional support from Rainmatter, Navam Capital, and others. The funding will be used to launch GalaxEye’s first satellite, the Drishti Mission, in 2025 and advance the company’s multi-sensor payload technology.
In 2022, the firm secured USD 3.5 million in seed investment from Speciale Invest, with participation from Zerodha founder Nithin Kamath and EaseMyTrip CEO Prashant Pitti. The business has collaborated with drone startup IdeaForge to provide Synthetic Aperture Radar (SAR) payloads for defense purposes.
Infosys’ strategic investment demonstrates the increased interest in space tech firms as well as the potential for industry-wide innovation.
