The multinational IT services behemoth Infosys announced its intention to invest up to ₹17 crore, or around $2 million, in the space technology firm GalaxEye Space Solutions. The September 20th investment, which is a component of the Infosys Innovation Fund, represents the company's foray into the rapidly expanding space technology market.

The money will be invested using a mix of series and equity. The business declared in an exchange statement that it had mandatory convertible preference shares. By September 30, 2024, Infosys hopes to close this all-cash purchase, which will leave it with a minority position that doesn't exceed 20% of GalaxEye's outstanding share capital.

With its headquarters located in Bengaluru and its incubator located at IIT Madras, GalaxEye is leading the way in the development of multi-sensor satellites and synchronization platforms. These cutting-edge technologies produce extensive, high-resolution, all-weather datasets with a broad range of applications in sectors including crisis management, defense, insurance, logistics, infrastructure, and agriculture.

Infosys's participation in international logistics

Additionally, Infosys announced the expansion of its strategic partnership with Posti, the top logistics and delivery company in Finland, Sweden, and the Baltic States. The goal of this extended collaboration is to apply AI to improve Posti's operational effectiveness and customer experience.

Through the use of Infosys Topaz, an AI-powered solution that makes use of generative AI technologies, the partnership seeks to enhance Posti's operational efficiency and service quality. Infosys will also use its Cobalt suite, which includes the Live Enterprise Application Management Platform (LEAP), to expedite Posti's transition to the cloud and enhance organizational efficiency.

CIO and SVP of ICT and Digitalization at Posti Group, Petteri Naulapää, made the following statement on the extended partnership: "We are happy to announce that our partnership with Infosys has been extended for a further seven years. Our goal is to establish a more customer-focused and efficient business by utilizing Infosys Cobalt's cloud capabilities and Infosys Topaz's AI capability."

Infosys' EVP and Global Head of Retail, Consumer Goods & Logistics, Karmesh Vaswani, continued, "This extension demonstrates our unwavering commitment to delivering next-generation services and solutions specifically tailored to address the unique challenges faced by our clients in the Nordics."