Infosys, India’s leading IT company, is taking a significant leap into the space technology sector with an investment of ₹17 crore (approximately $2 million) in Bengaluru-based startup GalaxEye. This investment signals Infosys’ growing interest in leveraging advanced space tech to offer innovative solutions for multiple industries.
Key Points:
Investment Amount: ₹17 crore ($2 million) by Infosys through its Innovation Fund.
Startup: Bengaluru-based spacetech startup GalaxEye.
Technology Focus: Development of multi-sensor satellites.
GalaxEye’s Goal: Launch its first satellite, the Drishti Mission, by 2025.
Industry Applications: Defence, agriculture, disaster management, urban planning.
Funding History: GalaxEye raised $6.5 million in a previous funding round led by Mela Ventures and Speciale Invest
Infosys’ Foray into Space Tech
Through its Innovation Fund, which targets startups working in AI and deep technology, Infosys is acquiring a minority stake in GalaxEye. The funding, expected to close by September 30, 2024, will provide Infosys with less than a 20% ownership stake in the startup. This move aligns with Infosys’ goal of exploring cutting-edge space solutions that integrate with AI and analytics, enabling their clients to make more informed, data-driven decisions
GalaxEye: A Rising Star in Space Tech
Founded in 2021 by a group of IIT-Madras alumni, GalaxEye has quickly emerged as a leader in India’s space tech ecosystem. The startup is developing multi-sensor satellites capable of capturing images using both radar and optical sensors, making it possible to gather precise, high-resolution data under any weather conditions.
GalaxEye’s Drishti Mission, planned for 2025, aims to launch its first satellite, which could revolutionize how industries access real-time, reliable data from space
Technology Applications
GalaxEye’s satellite technology has far-reaching applications in several sectors:
Defence: GalaxEye is already collaborating with ideaForge, a prominent Indian drone manufacturer, to develop radar payloads for defence applications. This technology will enhance surveillance, border security, and reconnaissance operations.
Agriculture: The multi-sensor satellite technology is ideal for precision farming. Farmers can leverage satellite data to monitor crop health, soil conditions, and irrigation needs, increasing yield and efficiency.
Disaster Management: GalaxEye’s satellites will be instrumental in providing real-time data during natural disasters, such as floods or earthquakes, allowing for faster response times and more efficient resource management.
Urban Planning: By providing detailed spatial data, GalaxEye’s technology will assist in urban development, infrastructure planning, and efficient management of city resources
Infosys’ Vision in Space Tech
Infosys recognizes the transformative potential of Space Tech combined with AI and analytics. By investing in GalaxEye, Infosys is not only supporting the advancement of space technology but also positioning itself to offer breakthrough solutions across multiple sectors globally. The combination of satellite data and AI insights is poised to create new business models that will benefit industries ranging from defence to disaster management.
GalaxEye’s Recent Funding Success
In addition to Infosys’ ₹17 crore investment, GalaxEye recently raised $6.5 million in a funding round led by Mela Ventures and Speciale Invest, with further support from investors like ideaForge and Rainmatter. These funds will support GalaxEye’s ambitions, including its planned satellite launch and further development of its innovative multi-sensor technology.
Conclusion
Infosys’ investment in GalaxEye marks a pivotal moment for the Indian space tech sector. By backing a promising startup that is developing cutting-edge multi-sensor satellite technology, Infosys is not only expanding its footprint into an emerging sector but also empowering industries with advanced data solutions. The collaboration between space tech and AI is poised to create revolutionary solutions that can address complex industry needs, setting the stage for new growth opportunities in the global market.
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