Shares of Infosys Ltd. are trading flat after reaching a day’s high of Rs 1,915 on 20th September, following the company’s announcement of its decision to invest up to Rs 17 crore (approximately $2 million) in GalaxEye Space Solutions Private Ltd, a spacetech startup, through its Infosys Innovation Fund on Thursday.

As stated in the stock exchange filing, this infers that as part of the Infosys Innovation Fund, Infosys Limited has agreed to allocate not more than 17 crore INR or its equivalent in US$ 2 million to SpaceTech startup GalaxEye.

The investment will include equity and Series A compulsory convertible preference shares, representing a minority stake not exceeding 20% of GalaxEye’s outstanding share capital. The transaction is anticipated to be finalised by 30th September 2024.

This innovative technology generates high-resolution, all-weather datasets useful in various sectors, including defence, logistics, infrastructure, agriculture, and disaster management. Infosys’ investment in GalaxEye aligns with its larger strategy to partner with AI and deep tech startups via its Innovation Fund.

The goal is to enhance Infosys’ technological capabilities while co-creating next-generation solutions for its clients. By leveraging space tech, Infosys aims to unlock significant value for global businesses through data-driven decision-making powered by AI and analytics.

The comprehensive datasets generated by GalaxEye’s satellites can drive innovation across industries, allowing for more informed decision-making in sectors like insurance, utilities, and mining.

At 1:44 PM, the shares of Infosys Ltd. were trading 1.21% lower at Rs 1,871.25 on NSE.

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