Infosys Steps into the Space Tech Sector with Initial Investment in GalaxEye

GalaxEye Space Solutions: Infosys, one of the Indian IT giants, has made its first move into the space technology sector with an initial investment in the Bengaluru-based Indian startup GalaxEye Space Solutions. The company has made an initial investment of INR 17 Cr.

More About GalaxEye

GalaxEye Space Solutions is an Indian space tech startup founded by five alumni of the Indian Institute of Technology Madras (IIT-M). The team initially worked together during a student competition at IIT-M, where they became the only Asian finalist in the SpaceX Hyperloop Competition in 2019. From their roots as Team Avishkar Hyperloop, they have grown to become one of India’s fastest-growing space technology startups and are preparing to launch their debut satellite in 2025.

Suyash Singh is the co-founder and CEO of GalaxEye Space. The company was formally founded in 2021 and is working on building the world’s first multi-sensor Earth-imaging satellites. These satellites will provide all-time, all-weather information for any point on Earth, benefiting industries such as defense, agriculture, mining, and more.

GalaxEye has also begun raising funds for its first satellite mission and has secured $6.5 million in Series A funding, led by Mela Ventures and Speciale Invest. This investment from Infosys is also considered part of that fundraising effort.

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Their Specialties

• Drishti Mission (MSI + SAR):
  GalaxEye’s indigenous mission, Drishti, will provide all-time, all-weather intuitive imagery, offering a comprehensive dataset for various industries.
• Synthetic Aperture Radar (SAR):
  SAR is an active sensor that can penetrate through smoke and clouds, functioning day or night. While it ensures 100% availability, the data lacks visual intuition, making it more difficult to analyze.
• Multispectral Imager (MSI):
  MSI captures images in the visible to infrared range, which are more understandable to the human brain. However, MSI is only available about 20% of the time as it cannot capture images during cloudy weather or at night.

Infosys

Infosys is one of India’s leading IT giants, founded in Pune and now headquartered in Bengaluru. Infosys Limited is a multinational technology company offering business consulting, information technology, and outsourcing services. The company’s current CEO is Salil Parekh. Infosys has a remarkable story of success, having started in 1981 with a capital of just $250 by seven engineers in Pune, Maharashtra. Over the years, it has experienced many challenges and triumphs, growing to achieve a revenue of $18 billion USD.

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In 2024, Infosys announced the launch of Aster, an AI-powered platform designed to improve marketing efficiency through artificial intelligence. Currently, Infosys is heavily focused on AI-based initiatives and has allocated a portion of its innovation fund toward the development of AI-based technologies.

The First Step into Space Tech

Even though Infosys has its roots in the information technology and data development fields, it also offers services in business process outsourcing and digital services, and it owns several subsidiaries, including EdgeVerve Systems Limited. However, Infosys had not previously ventured into the space technology sector, which is becoming increasingly important in India.

This investment in GalaxEye Space Solutions marks its first step into space technology. For GalaxEye, a startup aiming to launch its indigenous satellite by 2025, an investment of INR 17 Cr is a significant boost.

Infosys declared that the investment would be completed by 30th September 2024, after which the company would own no more than 20% of the startup’s share capital. The investment will be made through the Infosys Innovation Fund, which focuses on collaborations with artificial intelligence and deep-tech startups to develop next-generation solutions for clients.