Infosys to invest additional USD 0.45 million in TidalScale Inc
IT services major Infosys has announced that it will invest an additional USD 0.45 million in TidalScale Inc, taking its total investment in the US-based tech platform to USD 3.45 million.
“The company has agreed with TidalScale Inc, leading software-defined-server technology startup, to invest an additional sum of USD 0.45 million (till date, the company had invested USD 3 million), taking the cumulative investment to USD 3.45 million as of date), subject to necessary closing conditions,” Infosys said in a regulatory filing.
The investment is intended to be utilised for R&D, business development and working capital needs, it added. The transaction is expected to be completed in the second quarter of FY2022, it said. Infosys has a minority holding, not exceeding 20 per cent of the outstanding share capital of TidalScale Inc. The Bengaluru-headquarterd company had invested USD 1.5 million in TidalScale Inc in 2016.
In September 2018, Infosys had announced an additional USD 1.5 million (around Rs 11 crore) infusion into the startup through the Infosys Innovation Fund.
Founded in 2013 in California, TidalScale servers represent a breakthrough in computing. The company develops software for in-memory applications that binds multiple commodity hardware servers into a unified software virtual machine. The software accomplishes this by aggregating the cores, memory, and I/O of multiple physical servers, virtualizing these resources, and then presenting them as a unified “software-defined server” to the operating system. Enterprises who are experiencing exponential growth in data see significant value in TidalScale’s offering.
(with PTI inputs)