Space-tech start-up GalaxEye to raise Rs.17-Cr from Infosys Innnovation Fund

IT Services major Infosys, from its Infosys Innovation Fund, is investing INR 17 crore (about USD 2 million), in Bengaluru-based space-tech startup, GalaxEye Space Solutions . The investment will consist of equity and Series-A compulsorily convertible preference shares (CCPS), post which, Infosys will have a less than 20% stake in the company.GalaxEye was incubated at IIT Madras. It is building multi-sensor (Synthetic Aperture Radar + Multi-Spectral Imaging) satellites and synchronisation platforms to generate comprehensive all-weather, high-resolution and intuitive datasets. The technology and the datasets are expected to benefit industries such as defence, insurance, logistics, utilities, infrastructure, agriculture, disaster management and mining.