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On September 20, 2024
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Infosys to invest Rs 17 crore in IIT M-incubated spacetech startup GalaxEye
The cash investment will involve Infosys picking up a minority stake, less than 20%, as part of the series A round to pick up equity and compulsory convertible preference shares.Infosys on Thursday said it has agreed to invest in space-tech startup, GalaxEye Space Solutions Pvt Ltd up to Rs 17 crore (approximately $2 million) as part of Infosys Innovation Fund. The cash investment will involve Infosys picking up a minority stake, less than 20%, as part of the series A round to pick up equity and compulsory convertible preference shares. The funding round is expected to be completed on or before September 30, 2024, Infosys said in a regulatory filing. Bengaluru-based GalaxEye is a space-tech startup for Earth Observation that builds multi-sensor satellites and synchronization platform. GalaxEye generates comprehensive all-weather, high-resolution and intuitive datasets. The downstream applications of space technology and the datasets powered by AI and Analytics presents a potential of data-driven decisions spanning multiple industries, the statement said. In August, GalaxEye had announced a fund raise of $6.5mn as part of the Series A funding led by venture capital (VC) funds Mela Ventures and Speciale Invest. The round also saw participation from drone manufacturer ideaForge, with additional investments from other VCs including Rainmatter, Navam Capital, Faad Capital, and Anicut Capital. In 2022, the startup received seed capital from angel investors including Prashant Pitti - cofounders of EaseMyTrip, Abhishek Goyal - cofounder of data platform Tracxn, Nithin Kamath - founder and CEO of broking platform Zerodha and Celesta Capital partner Ganpathy Subramaniam. Infosys Innovation Fund SpaceTech is a frontier technology with potential to unlock significant value to businesses globally and create high impact solutions at scale, Infosys said. Infosys Innovation Fund was launched in 2015 to invest in entrepreneurial ventures around the world. Its portfolio of investments include Trifacta, ideaForge, TidalScale, AirvizSpeck, Whoop, Stellaris Venture Partners and US-based early stage fund The House Fund. It has made exits from two investments - Waterline Data and Unsilo, as per its website. "Infosys Innovation Fund seeks to partner with AI and DeepTech startups such as 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," Infosys statement further said. GalaxEye GalaxEye was founded in 2021 by a team of five alumni of Indian Institute of Technology (IIT) Madras, who have previously worked together as part of Team Avishkar Hyperloop, a student competition team at IIT-M, which qualified as the only Asian Finalist at the SpaceX Hyperloop Competition 2019. The founders include Suyash Singh, Denil Chawda, Pranit Mehta, Rakshit Bhatt and Satya Chakravarthy. According to Tracxn, Chakravarthy has founded two more companies - ePlane and Aerostrovilos. It now has a 50-member team which works on the technology and datasets that can potentially benefit various industries such as defense, insurance, logistics, utilities, infrastructure, agriculture, disaster management and mining.
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Infosys to invest ₹17 crore in SpaceTech start-up GalaxEye
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. SHARE Copy linkEmailFacebookTwitterTelegramLinkedInWhatsAppRedditPublished on September 19, 2024
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Spacetech Startup GalaxEye Bags INR 17 Cr From Infosys
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.
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Infosys, a leading Indian IT company, has announced a significant investment of ₹17 crore in GalaxEye, a spacetech startup incubated at IIT Madras. This move marks Infosys' entry into the burgeoning space technology sector.
Infosys, one of India's largest IT services companies, has made a strategic move into the space technology sector by investing ₹17 crore (approximately $2 million) in GalaxEye Space, a spacetech startup incubated at the Indian Institute of Technology (IIT) Madras 1. This investment marks Infosys' first foray into the rapidly growing spacetech industry and demonstrates the company's commitment to fostering innovation in emerging technologies.
GalaxEye Space, founded in 2020, is a deep-tech startup specializing in satellite technology and earth observation. The company is developing advanced imaging satellites equipped with proprietary technology that combines data from both optical and radar sensors 2. This innovative approach allows for the capture of high-resolution imagery regardless of weather conditions or time of day, addressing a significant challenge in the earth observation industry.
The investment from Infosys will be made through the compulsory convertible preference shares (CCPS) route, as per regulatory filings 3. GalaxEye plans to utilize these funds to further develop its satellite technology and prepare for its first satellite launch, scheduled for the end of 2024. The company aims to deploy a constellation of satellites that will provide real-time earth observation data to various sectors, including agriculture, energy, and defense.
This investment by Infosys is significant not only for GalaxEye but also for the broader Indian spacetech ecosystem. It highlights the growing interest of major technology companies in space-related ventures and could potentially encourage more investments in this sector. The Indian space industry has been gaining momentum since the government opened it up for private participation in 2020.
For Infosys, this investment represents a strategic expansion into an emerging technology field. By backing GalaxEye, Infosys positions itself to gain insights into satellite technology and data analytics, which could complement its existing services in areas such as cloud computing, artificial intelligence, and data management 1.
The collaboration between Infosys and GalaxEye has the potential to drive significant advancements in earth observation technology. As GalaxEye works towards launching its first satellite and establishing its constellation, the support from a tech giant like Infosys could prove invaluable in terms of both financial backing and technological expertise. This partnership may well set a precedent for future collaborations between established IT companies and innovative spacetech startups in India.
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DeepMatrix, an AI infrastructure startup, has raised $1.6 million in a funding round led by YourNest and Arali Ventures. The company aims to revolutionize AI model deployment and management.
2 Sources
EyeROV, a marine robotics startup, has raised ₹10 crore in a pre-Series A funding round led by Unicorn India Ventures. The company plans to use the funds to expand its product line and enter new markets.
4 Sources
Yali Capital, a venture capital firm, has launched a ₹810 crore fund focused on deep tech startups in India. The fund aims to support innovative companies in areas such as AI, robotics, and advanced manufacturing.
4 Sources
Infosys, India's second-largest IT services company, reports a 7.1% year-on-year increase in Q1 net profit. The company beats market expectations and raises its revenue growth guidance for FY25, despite global economic uncertainties.
7 Sources
CogniQuest, an AI-powered document intelligence platform, has raised funding to enhance its capabilities in generating insights from complex documents. The investment comes from fintech VC fund Cedar IBSI Capital.
2 Sources