Infosys to invest USD10m in AI-focused VC firm, The House Fund II
IT and outsourcing firm Infosys said it would invest USD10m in California-based artificial intelligence-focused venture capital firm, The House Fund II LP. In a statement, Infosys said it will be entering into an agreement with The House Fund II, an AI-focused fund targeting start-ups from the University of California at Berkeley, with a USD10m commitment. The transaction is expected to be completed before the first quarter of the 2019-2020 financial year. Infosys has previously made such Limited Partner-style investments with its USD500m startup fund, that is, the Infosys Innovation Fund. Last year, Infosys appointed long-time employee Deepak Padaki to head the Infosys Innovation Fund. The House Fund II has so far invested in more than 50 startups, which includes AI, machine learning, and data analytics.
