Infosys invests Rs 17 crore in Bengaluru’s GalaxEye, a SpaceTech startup building multi-sensor satellites for industries like defense and agriculture.
Infosys, one of the largest IT companies in India, has recently revealed that it will invest a large sum in the Bengaluru space technology startup GalaxEye. The investment of Rs 17 crore (approximately $2 million) will be made through the Infosys Innovation Fund, which supports ventures in artificial intelligence and deep tech industries. This corporate action allows Infosys to have a small share in a company with a promising SpaceTech market while gaining entry into the market.
GalaxEye was started in 2021 by IIT-Madras students and alumni and has differentiated itself through multi-sensor satellite technologies and syncing solutions. These technologies are specifically optimized to provide detailed information relevant to various sectors, including agriculture, urban design, and many more. The deal is expected to be closed by 30 September 2024, and Infosys will invest less than 20% of the stake in the startup.
Infosys Supports GalaxEye
Infosys’s investment in a Malaysian firm, GalaxEye, shows that companies are beginning to see the potential of space technology to effect change across many industries. Combined with space-derived information, AI and analytics can transform organizational strategies and management by providing deeper perception and decision-making. The move is particularly timely and relevant because more industries seek to adopt data-driven approaches to remain relevant.
Currently, the company has planned to launch one of the unique satellites of the Drishti Mission 2025 by GalaxEye. This program is based on a previous $6.5 million funding, where some reputed organizational participants include Mela Ventures and Speciale Invest and some working support from ideaForge and Rainmatter. The booster in funding is evidence of the readiness of this industry for the potential of GalaxEye for revolutionizing space technology applications.
Wide Use and Business Integration
The technology being developed by GalaxEye is expected to have far-reaching applications across many fields. This will enable the startup to acquire data using radar and optical sensors during the day and night and in any weather conditions. This capability is very useful for applications in defense, disaster, and more; it allows continuous monitoring and data acquisition irrespective of the lighting conditions.
GalaxEye has started forming partnerships in the defense sector, like the one with the drone maker ideaForge. They are jointly developing radar payloads for drones, which optimise the platforms in sensitive defense operations. These partnerships also help illustrate potential business applications for GalaxEye’s technologies beyond proving the market viability of corporate partnerships between large industry mainstays and emerging tech-native startups.