Infosys, one of India's leading IT services companies, announced on Thursday that it will invest up to Rs 17 crore (approximately $2 million) in space-tech startup GalaxEye Space Solutions Pvt Ltd. The investment is part of the Infosys Innovation Fund, which aims to support innovative ventures globally.
The cash injection will see Infosys acquire a minority stake of less than 20% in GalaxEye as part of the Series A funding round. The deal is expected to be completed by September 30, 2024, according to Infosys’ regulatory filing.
About GalaxEye: Pioneering Earth Observation Technology
GalaxEye is a Bengaluru-based space-tech startup that was founded in 2021 by a group of five visionary students and alumni from the Indian Institute of Technology Madras (IIT-M). The founding team members – Suyash Singh, Denil Chawda, Pranit Mehta, Rakshit Bhatt, and Satya Chakravarthy – have a unique background in cutting-edge technology, having previously collaborated on the Team Avishkar Hyperloop project. This student competition team at IIT-M earned the distinction of being the only Asian finalist at the prestigious SpaceX Hyperloop Competition in 2019.
GalaxEye is incubated at IIT Madras and has quickly emerged as a leader in Earth Observation technology. The startup is known for developing multi-sensor satellites and synchronisation platforms that generate high-resolution, all-weather datasets. These comprehensive datasets, enriched with AI and analytics, are designed to serve a wide range of industries, including defence, logistics, agriculture, disaster management, and more.
The Team: GalaxEye boasts a team of over 50 brilliant individuals who bring together a wealth of knowledge and expertise from globally recognised institutions such as ISRO and IITs. The team is further supported by seasoned industry experts and leaders who provide valuable advice on both technological and business fronts. This blend of youthful innovation and experienced guidance is central to GalaxEye’s mission to revolutionise data-driven decision-making across multiple sectors.
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Founding team of GalaxEye consists of Suyash Singh, Denil Chawda, Pranit Mehta, Rakshit Bhatt, and Satya Chakravarthy.
Infosys Innovation Fund: Empowering DeepTech Startups
Launched in 2015, the Infosys Innovation Fund has been instrumental in supporting entrepreneurial ventures across the globe. The fund’s portfolio includes investments in cutting-edge companies like Trifacta, ideaForge, and Stellaris Venture Partners. Infosys has successfully exited from investments in Waterline Data and Unsilo.
"Infosys Innovation Fund seeks to partner with AI and DeepTech startups such as GalaxEye to co-create next-generation solutions. By harnessing the power of SpaceTech, we aim to help our clients navigate their business transformation," Infosys stated.
GalaxEye is proud to have @Infosys, a global leader in technology and innovation, as a Strategic Investor in our Series A Round.
Their decades of experience in digital innovation and engineering are a perfect complement to our mission of reshaping Space Technology & Earth… pic.twitter.com/WQKGD8Ap7V— GalaxEye (@GalaxEye) September 19, 2024
Founders and Visionaries Behind GalaxEye
The founding team of GalaxEye consists of Suyash Singh, Denil Chawda, Pranit Mehta, Rakshit Bhatt, and Satya Chakravarthy. These innovators previously collaborated on the Team Avishkar Hyperloop project at IIT Madras, which was the only Asian finalist in the SpaceX Hyperloop Competition 2019.
Under their leadership, GalaxEye is poised to make significant contributions to industries requiring advanced data-driven insights. The company's technology is expected to have a transformative impact on sectors such as insurance, infrastructure, utilities, and mining.
Looking Ahead
Infosys’ investment in GalaxEye underscores the growing importance of SpaceTech in India’s tech ecosystem. As the demand for data-driven decision-making continues to rise, partnerships like these will be crucial in driving innovation and delivering high-impact solutions across the globe.
For more news on Space Tech , read: Pixxel Secures NASA Contract for Hyperspectral Technology, Becomes First Indian Space Startup to Achieve This Milestone
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