Indian software giant Infosys has partnered with US-based venture capital fund The House Fund ll to invest $10 million in artificial intelligence (AI) focused startups.
The House Fund II is a US-based AI-focused venture capital fund primarily targeting startups launched by students, alumni and faculty of the University of California, Berkeley.
According to the filing, Infosys will pick up a minority stake in VC firm of under 20 per cent with the investment, which is expected to be completed by the first quarter of the financial year 2019-20.
Infosys has been actively investing and acquiring companies globally to fuel its growth. Last year, the IT services firm acquired US-based digital creative and consumer insights agency WongDoody Holding Co for up to $75 million. Prior to that in August 2017, it had acquired London-based product design and customer experience firm Brilliant Basics for $7.5 million pounds (around $10 million).
Infosys, which also runs a $500-million corporate venture arm, has invested in only a handful of startups.
In 2016, the Indian IT firm invested about $5 million in Stellaris Venture Partners, a Delhi-based early-stage venture fund, after it invested in UNSILO, a Danish artificial intelligence startup, and US-based TidalScale. It also put in an undisclosed amount of funding in ideaForge, an Indian startup focused on Unmanned Aerial Vehicle (UAV) solutions.