Infosys on Tuesday said it has completed the sale of its stake in Denmark-based startup UNSILO for $8,00,000 (approximately ₹5.7 crore). The Bengaluru-based software giant had invested in UNSILO in 2016 about ₹14.5 crore (a little over 14,920,000 Danish Krone) from its $500 million innovation fund.
UNSILO is an artificial intelligence startup focused on advanced text analysis. UNSILO uses a combination of machine-learning and natural language processing to analyze large quantities of text and improve the speed and effectiveness of knowledge workers across many industries. Infosys spokespersons did not comment on queries regarding the decision.
The Danish company works with information services companies in research to improve discoverability across their platforms and internal publishing processes. The company has received funding from other investors as well.
Infosys’s innovation fund was set up in 2013 with a corpus of $100 million for start-ups and other innovative businesses outside the company. The size of the fund was expanded to $500 million in January 2015.
The company had invested in a dozen start-ups, including Stellaris Venture Partners, Unsilo, Trifacta, Whoop and TidalScale using the fund but currently lists only eight investments excluding UNSILO. The fund lost some of its key founding members in FY18 during the senior management churn following former CEO Vishal Sikka’s resignation.
The most recent investment announced by the fund was in 2019 when Infosys said it would invest $10 million (nearly ₹70 crore) in California-based artificial intelligence-focused The House Fund II.
In a separate announcement, Cactus Communications, a medical communications company, announced that it has acquired UNSILO. CACTUS’s complementary suite of products include Ada, an Automated Document Assessment solution to help publishers assess scientific content, and PubSURE, an AI-powered tool that evaluates a manuscript’s journal submission readiness.