Infosys to invest upto US $10 million in The House Fund III for minority stake

30 Jun 2022 , 11:55 AM

Infosys Limited has entered into an agreement with The House Fund III, L.P., a Venture Capital (VC) fund based out of the US, to invest US $10 million, subject to necessary closing conditions.

Infosys will have a minority holding in the fund not exceeding 20% of the fund size. The company will execute the said agreement by June 30, 2022.

The House Fund invests in AI-focused startups from the UCB ecosystem. Infosys seeks to collaborate with such startups to supplement its organic capabilities and help its clients around the world transform their businesses.

AI technology and applications are rapidly evolving and are critical to Infosys’ strategy, with increased usage across its clients for the creation of intelligent products/services, security, and business transformation. The University of California, Berkeley (UCB) is a leading AI startup ecosystem, catalyzed by the university’s faculty, alumni, and students.

The House Fund is a pre-seed and early-stage venture capital fund based in Berkeley, California (US) that invests in AI-focused startups from the UCB ecosystem.

With AI as the foundational technology, areas of investment across sectors include Enterprise Software, SaaS, Cloud, Network, Big Data Analytics, Deep ML tools/platforms, Robotics, Quantum, and Blockchain.

Jeremy Finance is the firm’s founding partner, and the team includes founders, alumni, and leading AI faculty from the University.

At around 11.59 AM, Infosys was trading at Rs1,461.50 per piece, down by Rs2.2 or 0.15% from its previous closing of Rs1,463.70 on the BSE. The scrip opened at Rs1,462.95 and has touched a high and low of Rs1,481.90 and Rs1,458.10 respectively.