India’s second largest IT services exporter Infosys has announced an investment of $3 million in Whoop, a US-based wearable device technology startup.
In a notice to the BSE on Monday, Infosys said Whoop offers a highly differentiated performance optimisation and analytics solution that is of strategic importance for them in the professional team sports and connected wellness markets.
Founded in 2012, this startup was spun out of the Harvard Innovation Lab by Will Ahmed, a Harvard College Scholar and Captain of the Harvard Men’s Varsity Squash Team. It offers a performance optimisation system for elite professional sports team. Whoop is currently working with professional athletes, college athletes, Olympians, and the military.
Infosys expects this cash investment to close on December 16, 2015 and it will be holding a minority stake in the company.
The IT major last week had announced an investment of $4 million in Israel based startup – CloudEndure that provides cloud migration and cloud-based disaster recovery software.
Infosys has already created a $500 million Innovation Fund to primarily invest in startups. The Fund will be used to invest in young companies innovating in next-generation solutions and technologies such as Artificial Intelligence (AI), automation, pervasive connectedness as well as collaboration and design technologies.
Infosys has also allocated $250 million out of the Innovation Fund to invest in Indian technology startups engaged in next generation technologies. This will be called Innovate in India Fund.Infosys has invested in five startups till now – Airviz Speck, Bangalore-based ANSR Consulting, Vertex Ventures, Nova and CloudEndure. Infosys made its first investment of $15 million in the start-up space in spin-off of DreamWorks Animation. The two companies have already formed an alliance where Infosys will deploy its global talent pool available across cloud, big data, Java and open source capabilities to develop next generation solutions based on the DreamWorks technology.