Infosys to invest $10 mn in California-based The House Fund II

IT company Infosys Friday said it would invest USD 10 million (nearly Rs 70 crore) in California-based artificial intelligence-focussed The House Fund II.

Infosys to invest $10 mn in California-based The House Fund II
The transaction is expected to be completed before the first quarter of the financial year 2019-20. Image source: Reuters
By PTI
Updated: Sat, Mar 23, 2019
06:53 am
PTI
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IT company Infosys Friday said it would invest USD 10 million (nearly Rs 70 crore) in California-based artificial intelligence-focussed The House Fund II.

"The company announced today that it will be entering into an agreement with The House Fund II, LP, an AI-focused fund targeting start-ups from the University of California, Berkeley, committing to invest USD 10 million," the company said in a note.

The transaction is expected to be completed before the first quarter of the financial year 2019-20.

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Minority holding in the proposed transaction will not exceed 20 per cent of the total fund size, the not said.