Infosys enters the space tech market by funding Bengaluru-based startup GalaxEye

The Indian IT behemoth Infosys said on September 19 that it would invest Rs. 17 crore, or around $2 million, in Bengaluru-based spacetech firm GalaxEye. The startup is developing a synchronization platform and multi-sensor satellites to provide high-resolution data to many sectors.

Infosys is funding this venture through its Innovation Fund, which targets deep tech and AI companies. The company's goal with this partnership is to develop innovative space technology solutions that would help its clients change their businesses. Infosys will acquire a minority stake in GalaxEye through the investment, representing less than 20% of the company's stock. It is projected that the agreement will be finished by September 30, 2024.

This funding round for GalaxEye follows a $6.5 million round led by Mela Ventures and Speciale Invest, with additional assistance from Rainmatter and ideaForge. GalaxEye plans to launch its first satellite, the Drishti Mission, in 2025 with the aid of this money. The company is also working to enhance its multi-sensor technology.

GalaxEye, a space technology startup founded in 2021 by five IIT-Madras students and alumni, has quickly achieved recognition. The company's satellites are made to use both radar and optical sensors to take high-resolution pictures, allowing for round-the-clock, all-weather data collection. There are several uses for this technology, including urban planning, agriculture, disaster relief, and defense.

Infosys thinks that by combining space technology with analytics and artificial intelligence, industries may improve their data-driven decision-making. The corporation underscored in its announcement that SpaceTech holds promise for generating lucrative business solutions on a global scale.

Benefits from GalaxEye's satellites can be found in a number of areas, including defense, where the business already works with drone manufacturer ideaForge. They are working together to create radar payloads for drones, which are essential for defense applications.