On Thursday, Infosys announced a significant investment of up to Rs 17 crore in the space tech startup GalaxEye Space Solutions. This move is part of the Infosys Innovation Fund and reflects the company's commitment to advancing space technology.
The investment will consist of both equity and compulsory convertible preference shares, as disclosed in a regulatory filing. This all-cash transaction is expected to be finalized by September 30, 2024. Infosys aims to acquire a minority stake in GalaxEye, which will not exceed 20% of the startup’s total outstanding share capital.
GalaxEye, founded at IIT Madras and headquartered in Bengaluru, is making strides in developing multi-sensor satellites and a synchronization platform that generates high-resolution, all-weather datasets. This innovative technology has vast applications across multiple sectors, including:
Defense: Enhancing surveillance and reconnaissance capabilities.
Insurance: Providing accurate data for risk assessment.
Logistics: Improving supply chain efficiency through real-time tracking.
Utilities: Assisting in resource management and infrastructure maintenance.
Agriculture: Offering insights for crop management and yield prediction.
Disaster Management: Facilitating better response strategies during emergencies.
Mining: Supporting resource exploration and operational efficiency.
The ability to produce detailed, all-weather, high-resolution datasets positions GalaxEye as a leader in the space technology sector.
On August 1, GalaxEye announced the successful closure of a $6.5 million investment round led by Mela Ventures and Speciale Invest. This funding round saw participation from various investors, including ideaForge, Rainmatter, Navam Capital, Faad Capital, and Anicut Capital. The startup indicated that these funds will be crucial for launching its inaugural satellite, the Drishti Mission, scheduled for 2025. Additionally, the investment will further enhance its multi-sensor payload technology.
In 2022, GalaxEye raised $3.5 million in a seed funding round, primarily led by Speciale Invest, with contributions from notable investors such as Zerodha founder Nithin Kamath and EaseMyTrip CEO Prashant Pitti. These financial backing efforts reflect the growing interest and confidence in GalaxEye's innovative solutions.
GalaxEye has also been actively collaborating with drone companies like ideaForge within the defense sector. Together, they are developing Synthetic Aperture Radar (SAR) payloads for drones, which have critical applications in defense operations. This collaboration exemplifies the startup’s commitment to integrating advanced technology with practical applications.
With the backing of Infosys and recent funding achievements, GalaxEye is well-positioned for future growth. The upcoming launch of the Drishti Mission represents a significant milestone in the company’s trajectory, demonstrating its ability to deliver on ambitious projects that can impact various industries.
By leveraging Infosys' expertise and resources, GalaxEye aims to accelerate its technological advancements and expand its market reach. The partnership also highlights Infosys' strategic focus on fostering innovation in the space technology sector, which is increasingly becoming a vital area of interest globally.
Conclusion
Infosys' investment in GalaxEye Space Solutions not only signifies a strong commitment to the advancement of space technology but also opens up numerous opportunities for innovation and collaboration across multiple industries. With the anticipated launch of the Drishti Mission and the development of cutting-edge multi-sensor satellites, GalaxEye is poised to become a significant player in the evolving landscape of space technology. As the company progresses, it will continue to push the boundaries of what is possible, ultimately contributing to the broader goal of harnessing space for societal benefits.