Infosys to invest $10 Million in US-based AI concentric venture capital fund The House Fund II.
The company is going to acquire a 20% stake in The House Fund II.
Infosys Innovation Fund is headed by Deepak Padaki and has backed nine startups till now.
Infosys Innovation Fund has invested in two VC firms including Stellaris Venture Partners and Vertex Ventures.
Now time is reforming and market giants are becoming more interested in funding innovative minded startups and venture capital firms. In the same row, Indian IT giant Infosys Ltd is going to make a Limited Partner-style investment in The House Fund II LP a US-based AI concentric venture capital fund.
Infosys in a stock-market disclosure cited that it is going to pick up a minority stake in The House Fund II by investing $10 Million on it and investment will be completed in April-June quarter. Company is going to acquire not more than 20% stake in the firm.
The House Fund II is focused on fueling startups initiated by faculty, students and alumni of students of the University of California, Berkeley. Jeremy Fiance, a graduate of the varsity, is the founding partner of the firm. This fund has invested in more than 50 startups and seven startups have ceased since its operations including Flexport a digital freight firm that is acquired by Facebook, Asaii a music analytics firm bought by Apple according to the website.
Fund has raised $250,000 in pre-seed funding and $500,000 in early-stage investment. Infosys has previously also made LP bets by its $500-million startup fund, Infosys Innovation Fund. Currently, Infosys Innovation Fund is headed by Deepak Padaki. This fund till now has invested in two VC firms homegrown VC firm Stellaris Venture Partners and Silicon Valley-based early stage VC firm Vertex Ventures. The fund has also backed nine startups till now including CloudEndure, an Israeli startup that offers cloud migration and cloud-based disaster recovery software and a US-based company providing performance optimization solutions for athletes and sports teams, WHOOP Inc.
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