The primarily target of Infosys will be the AI-focused start-ups by the Alumni, students and the faculty of University of California, Berkeley
Indian software giant Infosys said that it is planning to invest US$ 10 million (around Rs. 70 crore) in The House Fund II – a California-based artificial intelligence (AI)-focused company.
“The company announced that it will be entering into an agreement with The House Fund II, LP, an AI-focused fund targeting start-ups from the University of California, Berkeley, committing to invest US$ 10 million,” the company said in a statement.
The transaction is likely to be concluded before the first quarter of financial year 2019-20.
In the proposed transaction, the minority holding will not cross 20 per cent of the overall fund size, the statement said.
Targeting AI-focused start-ups
The primarily target of the company will be the AI-focused start-ups by the Alumni, students and the faculty of University of California, Berkeley.
Infosys, second-largest software exporter of India, has been heavily doing investments in emerging technologies. The digital business of Infosys makes up over 25 per cent of its revenue.
In 2016, Infosys launched Mana, a plug-n-play platform that supports clients in gaining insights from the data by merging machine learning (ML) with deep knowledge of an organisation. Banking on the success of Mana and AssistEdge – the robotic process automation (RPA) solution, the company introduced its AI platform Nia in April 2017. These products and solutions have served over 50 clients and catered to more than 150 projects across several sectors.