How will Infosys boost space technology growth with Rs 17 crore investment in GalaxEye? – Science News

Infosys announced on Thursday its plan to invest up to Rs 17 crore in the space tech startup GalaxEye Space Solutions as part of the Infosys Innovation Fund. This investment will include both equity and a series of compulsory convertible preference shares, according to a regulatory filing. The all-cash transaction is anticipated to be finalized by September 30, 2024. Infosys will acquire a minority stake in GalaxEye, which will not exceed 20% of the company’s total outstanding share capital, the filing revealed.

What does this mean for space technology?

Founded at IIT Madras and headquartered in Bengaluru, GalaxEye is developing multi-sensor satellites and a synchronization platform that produces high-resolution, all-weather datasets. This technology has the potential to serve a range of industries, including defense, insurance, logistics, utilities, infrastructure, agriculture, disaster management, and mining. It is leading the way in creating multi-sensor satellites and synchronization platforms. These cutting-edge technologies produce detailed, all-weather, high-resolution datasets that can be utilized in various sectors, including defense, insurance, logistics, infrastructure, agriculture, and disaster management.

GalaxEye Space had on August 1 announced that it successfully closed a $6.5 million investment round, spearheaded by Mela Ventures and Speciale Invest. This funding round also included contributions from ideaForge, as well as additional investments from Rainmatter, Navam Capital, Faad Capital, and Anicut Capital.

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The startup then indicated that the funds would be used to launch its inaugural satellite, the Drishti Mission, in 2025, and to further advance its multi-sensor payload technology.

In 2022, GalaxEye raised $3.5 million in a seed round, led by Speciale Invest, with participation from several investors, including Zerodha founder Nithin Kamath and EaseMyTrip CEO Prashant Pitti.

The company has also been collaborating with drone companies like ideaForge in the defense sector. Together with ideaForge, GalaxEye is developing Synthetic Aperture Radar (SAR) payloads for drones, which have urgent and essential applications in defense, as stated by the company.