Bengaluru: The Indian IT behemoth Infosys has declared an investment of Rs 17 crore (approximately $2 million) in the Bengaluru-based space technology startup GalaxEye.
GalaxEye is in the process of developing multi-sensor satellites and a synchronization platform aimed at providing high-resolution data to various industries.
Through its Innovation Fund, which is dedicated to supporting AI and deep tech startups, Infosys is contributing to this venture. The firm views this alliance as an opportunity to forge new space technology solutions that will aid in the business transformation of its clientele. With this investment, Infosys will hold a minority share in GalaxEye, owning less than 20 per cent of the startup’s shares. The completion of this deal is anticipated by September 30, 2024.
This move comes on the heels of GalaxEye’s recent funding round, which amassed $6.5 million, spearheaded by Mela Ventures and Speciale Invest, and supplemented by entities such as ideaForge and Rainmatter. The funds are earmarked for the launch of GalaxEye’s inaugural satellite, the Drishti Mission, slated for 2025. Additionally, the startup is honing its multi-sensor technology.
Established in 2021 by a group of five students and alumni from IIT-Madras, GalaxEye has swiftly emerged as a notable entity in the realm of space technology. The firm’s satellites are engineered to procure high-resolution imagery through the integration of radar and optical sensors, facilitating data acquisition in all weather conditions, at any time. The applications of this technology span defence, agriculture, disaster response, and urban development.
Infosys is confident that the amalgamation of space technology with AI and analytics will empower industries to make more informed, data-centric decisions. The company underscored the transformative potential of SpaceTech in generating valuable business solutions on a global scale in its announcement.
GalaxEye’s satellite capabilities are poised to benefit multiple sectors, including defence, where the startup is already in collaboration with drone manufacturer ideaForge. They are jointly developing radar payloads for drones, which are deemed essential for defence operations.
