Infosys to Invest in ideaForge Technology
By – Ashwathy Nair
- It will invest an additional USD 1 million in ideaForge Technology.
- UAV systems of ideaForge are increasingly being used across a wide spectrum of organisations.
- It is expected to enhance joint capabilities helping Infosys customers better.
On Thursday, IT services major Infosys stated that it will be investing an additional USD 1 million, which is about ₹7.2 crore in a UAV systems manufacturing company, ideaForge Technology.
In the year 2016, Infosys had announced its plan to invest in ideaForge, which is an Indian start-up focused on an unmanned aerial vehicle or UAV solutions (drones).
In a regulatory filing, Infosys stated that “the company has agreed to invest an additional USD 1 million with ideaForge Technology (earlier in the year 2016, the company had invested USD 1.5 million) taking the cumulative investment to USD 2.5 million as of date, subject to necessary closing conditions.”
It also added that the transaction is expected to be completed in the fourth quarter of FY21.
UAV system of ideaForge is increasingly being used across a wide spectrum of organizations. Several customers of the company have also incorporated UAV systems as they digitalise rapidly. The investment is expected to be implemented on R&D, sales, marketing, business development and working capital needs at ideaForge.
The filing stated that in order to help Infosys customers better, this is expected to enhance joint capabilities.
IdeaForge, based in Mumbai, is known for robust and high-precision UAV systems. In defence, homeland security, mining, manufacturing, agriculture, energy and utilities, the systems are commonly used for inspection, surveillance and mapping with integrated vertical solutions.
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