Infosys invests $10 mln in US based The House Fund

The IT major has agreed with The House Fund III L.P., a venture capital (VC) fund based out of the US, for an investment of $10 million.

The company said that the investment is expected to be completed by 30 June 2022. It is a minority holding not exceeding 20% of the fund size, it added.

Infosys said that the Artificial Intelligence (AI) technology and application continues to evolve rapidly and is key to the company's strategy with increased usage across its clients for creation of intelligent products/services, security and business transformation. Infosys seeks to partners with such startups to complement its organic capabilities and jointly help its clients across the globe to transform their businesses.

The House Fund is a pre-seed and early-stage VC fund based out of Berkeley, California (US) investing in startups from the UCB's ecosystem focused on AI. With AI being the foundational technology, the areas of investment include Enterprise Software, SaaS, Cloud, Network, Big Data Analytics, Deep ML tools/platforms, Robotics, Quantum and Blockchain across sectors.

Infosys is a global leader in digital services and consulting. The company's consolidated net profit fell 2.1% to Rs 5,686 crore on a 1.3% increase in revenues to Rs 32,276 crore in Q4 FY22 over Q3 FY22.

Shares of Infosys were up 0.85% to Rs 1,476.20 on the BSE.

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