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IT firm Infosys on Thursday said it will invest up to Rs 17 crore in space tech startup GalaxEye Space Solutions as part of Infosys Innovation Fund.
The investment will be made in equity and series A compulsory convertible preference shares allotment, a regulatory filing said.
"Infosys Ltd has agreed to invest in SpaceTech startup, GalaxEye up to Rs 17 crore (approximately $2 million) as part of Infosys Innovation Fund," it said.
The all-cash deal is expected to be completed on or before September 30, 2024.
Infosys will undertake a "minority holding" in GalaxEye, not more than 20 per cent of the outstanding share capital of the company, the filing said.
Incubated at IIT Madras and based out of Bengaluru, GalaxEye is building multi-sensor satellites and synchronisation platform, which generates comprehensive all-weather, high-resolution and intuitive datasets.
The technology and the datasets potentially benefit various industries such as defence, insurance, logistics, utilities, infrastructure, agriculture, disaster management, and mining.
Shares of Infosys settled at Rs 1,894.15 apiece on Thursday on the BSE.