Infosys invests in Danish startup UNSILO

New Delhi: Country's second-largest software services firm Infosys on November 18 said it has invested DKK 149,20,000 (about Rs 14.49 crore) in UNSILO, a Danish artificial intelligence startup focused on advanced text analysis.

The announcement of the investment, which is being funded through Infosys' Innovation Fund, comes a week after the company invested an undisclosed amount in the US-based TidalScale.

"We see Denmark as a global hub of world-class innovation with talented people, a good education system and a track record of entrepreneurial success. UNSILO has built an impressive semantic search engine with best-in-class text intelligence, which powers a range of advanced business processes," Infosys Executive Vice-President and Global Head (Corporate Development and Ventures) Ritika Suri said.

She added that Infosys will partner with UNSILO to bring the latter's artificial intelligence and machine learning technology to the former's global clients. Infosys had set up the Innovation Fund in 2013.

It beefed up the fund five-fold to USD 500 million in 2015 to provide financing to startups and new technologies like artificial intelligence.

The Bengaluru-based firm has spoken many times of its strategy to focus on renewing core business while building new capabilities like design thinking and artificial intelligence at the same time.

UNSILO uses a unique combination of machine-learning and natural language processing to analyse large quantities of text and improve the speed and effectiveness of knowledge workers across many industries.

"Making sense of any large amount of unstructured text is a huge challenge for many industries. Pairing our ground- breaking technology with Infosys' deep client relationships and strong capabilities in project delivery and go-to-market will give us a unique opportunity to bring our services to several new industries and expand globally far more quickly," UNSILO CEO Thomas Laursen said.

The investment will be completed on receipt of regulatory approvals, the statement said.