India-based IT services provider Infosys allocated $10m on Friday for investment in Ireland-based startups through a partnership with financial services provider Allied Irish Banks (AIB).
Infosys will supply the cash from its $500m Innovation Fund, and is set to open a Dublin office withh a 200-strong team, transferring workforce from AIB and hiring additional team members.
Infosys set up Innovation Fund in 2013 with $100m of capital, subsequently expanding it to $500m in January 2015 in order to launch a new $250m Innovate in India Fund. The company hinted in March this year that it may invest up to $120m in startups in India, Israel and California.
Mohit Joshi, executive vice president and global head of financial services at Infosys, said: “Our investment in the Irish startup community reflects our belief that Ireland is a strong and vibrant nation, home to entrepreneurs who share our vision of technology as a way to drive growth.
“We will leverage our broad experience in financial services and other industries to support the digital transformation journey and strategic growth plans of AIB.”