In order to obtain a minority ownership in Bengaluru-based spacetech startup GalaxEye, the spacetech IT behemoth Infosys is contributing INR 17 Cr, or roughly $2 million, to the company’s current Series A investment round.
The investment will be made through the Infosys Innovation Fund, which focusses on working with deeptech and artificial intelligence businesses to develop next-generation solutions for its clients, according to a statement from Infosys in an exchange filing. Infosys Provides Startup GalaxEye With INR 17 Cr
The IT company will own a minority part in the startup, not to exceed 20% of its outstanding share capital, once the transaction is finalised by September 30.
The business received INR 55 Cr (about $6.5 million) in funding last month from investors Mela Ventures and Speciale Invest, among others. Rainmatter Capital, Navam Capital, Faad Capital, Anicut Capital, and drone tech firm ideaForge are among the other investors in the round.
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