Investment

Infosys to Invest ₹17 Crore in Spacetech Startup GalaxEye

• ByStartupStory     |    September 21, 2024

Infosys, the Indian IT giant, announced an investment of ₹17 crore ($2 million) in GalaxEye, a promising spacetech startup that is building multi-sensor satellites and synchronization platforms. This investment will be made through Infosys Innovation Fund, which focuses on partnering with AI and DeepTech startups to co-create future-forward solutions.

“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 stated in a press release.

As part of the investment deal, Infosys will acquire a minority stake in GalaxEye, not exceeding 20 percent of its outstanding share capital. The IT company will invest in both equity and Series A compulsory convertible preference shares. The deal is expected to be completed by September 30, 2024.

GalaxEye, incubated at IIT-Madras, has gained attention for developing multi-sensor satellite technology. The startup raised $6.5 million in August 2024 through a funding round led by Mela Ventures and Speciale Invest. This round saw participation from prominent investors like ideaForge, Rainmatter, Navam Capital, Faad Capital, and Anicut Capital.

GalaxEye is deploying these funds to launch its first satellite, the Drishti Mission, by 2025. The satellite aims to further enhance the startup’s multi-sensor payload technology, which has the potential to generate high-resolution, all-weather datasets. These datasets are expected to benefit industries such as defense, insurance, logistics, utilities, infrastructure, agriculture, disaster management, and mining.

In a 2022 seed round, GalaxEye raised $3.5 million, which was also led by Speciale Invest and included notable investors such as Zerodha founder Nithin Kamath and EaseMyTrip CEO Prashant Pitti.

Infosys believes that spacetech, powered by AI and analytics, offers transformative potential for data-driven decisions across multiple sectors.

“SpaceTech is a frontier technology with the potential to unlock significant value to businesses globally and create high-impact solutions at scale,” Infosys emphasized in the release.

In addition to its satellite technology, GalaxEye has been collaborating with drone companies like ideaForge to develop Synthetic Aperture Radar (SAR) payloads for drones, which have critical applications in the defense sector.

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