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IT giant Infosyshas agreed to invest Rs 17 crore (about $2 million) in spacetech startup GalaxEye Spacefor a minority stake not exceeding 20% of the company’s outstanding share capital.

The Infosys Innovation Fund, the IT firm’s startup investment initiative, will invest in equity and Series A compulsory convertible preference shares. The transaction is expected to be completed by September 30.

“Infosys Innovation Fund seeks to partner with AI and DeepTech startups such as GalaxEye to complement its capabilities and jointly co-create next-generation solutions bringing the power of SpaceTech to help its clients navigate their business transformation,” the company said in a stock exchange filing.

This development comes a month after GalaxEye bagged $6.5 million as part of a Series A funding round, co-led by Mela Ventures and Speciale Invest. The round also saw participation from ideaForge, Rainmatter, Navam Capital, Faad Capital, and Anicut Capital.

The funds raised from the initial close of the Series A round are to be used to launch GalaxEye’s first satellite, the “Drishti Mission,” to further advance its multi-sensor payload technology, enhance testing infrastructure in the labs, and support team expansion, Co-founder and CEO Suyash Singh had told YourStory.

GalaxEye is developing indigenous multi-sensor imaging satellites, equipped with optical multi-spectral imaging (MSI) and synthetic aperture radar (SAR) technologies. These satellites aim to provide continuous, all-weather information for any location on Earth, offering benefits to industries such as defence, agriculture, and mining.

The Bengaluru-based firm has also developed an unmanned aerial vehicle SAR system for the defence sector and aims for commercial deployment in 2025.

Founded in 2021, GalaxEye was established by a group of members—Singh, Denil Chawda, Kishan Thakkar, Pranit Mehta, and Rakshit Bhatt—who emerged from Avishkar Hyperloop, a global competition organised by Elon Musk’s aerospace company SpaceX.

The company has partnered with leading industry players in satellite platform systems, satellite assembly and testing, and launch segments for its satellite projects. Its advisory board includes experts from organisations like DRDO, Waymo, ISRO, and Swiss Re.