Indian IT services major Infosys Ltd has invested DKK 14.92 million ($2.14 million) in UNSILO, a Danish artificial intelligence startup focussed on advanced text analysis, the company said in a stock market disclosure on Friday.
The deal is subject to regulatory approvals.
The investment comes just within a week after the IT firm, through its innovation fund, backed US-based TidalScale.
“UNSILO have built an impressive semantic search engine with best-in-class text intelligence, which powers a range of advanced business processes. We will partner with UNSILO to bring their artificial intelligence and machine learning technology to our global clients. They join and expanding portfolio of innovative young companies from around the world that Infosys works with to help enterprises drive their digital transformation,” said Ritika Suri, executive vice-president & global head of corporate development & ventures at Infosys.
UNSILO was founded in 2012. The company uses a combination of machine-learning and natural language processing to analyse large quantities of text and improve the speed and effectiveness of knowledge workers across many industries.
“Making sense of any large amount of unstructured text is a huge challenge for many industries. Pairing our ground-breaking technology with Infosys’ deep client relationships and strong capabilities in project delivery and go-to-market will give us a unique opportunity to bring our services to several new industries and expand globally far more quickly,” said Thomas Laursen, chief executive officer at UNSILO.
UNSILO has partnered with academic publishing, intellectual property, and regulatory content, and delivers workflow and decision support tools for editors, researchers, and sales personnel.
The Bangalore-based IT firm has been investing in innovative technology companies. Last year, Infosys chief executive Vishal Sikka set aside $500 million to invest in startups and has already spent $33 million in nine startups and one venture capital firm.
In August, Infosys had invested $4 million in Israeli SaaS startup Cloudyn.
Infosys’ cross-town rival Wipro has also made several investments this year. In October, it announced to buy US-based cloud services firm Appirio for $500 million. Before that in September, the company was buying China’s FMCG player Zhongshan Ma. It also invested in some Israeli companies including H R Givon, Insights Cyber Intelligence and TLV Partners.