- SatSure’s recent Series A round spotlights the growing investment interest in India’s space tech startups.
- SatSure has recently secured US $15 million in equity capital and venture debt in a Series A funding round.
- The funding will further catalyze product enhancement and bolster SatSure’s operational reach in the Americas and the Asia-Pacific.
PRESS RELEASE — September 14, 2023 — Bengaluru-based space tech startup SatSure, known for its expertise in Earth observation data and analytics solutions, has recently secured US $15 million in equity capital and venture debt in a Series A funding round. Leading this round were Baring Private Equity Partners (BPEP), India and Promus Ventures, with contributions from Omidyar Network India and xto10X. With this capital boost, SatSure remains on course to deploy four advanced optical and multispectral satellites by the end of 2025.
Established in 2017, SatSure harnesses satellite images coupled with AI-driven analysis, offering actionable insights for multiple sectors, such as agriculture, banking and essential infrastructure. The funding will further catalyze product enhancement and bolster SatSure’s operational reach in the Americas and the Asia-Pacific.
In this round, previous backers, including Force Ventures, Luckbox Ventures and IndigoEdge Advisors, also pitched in. This follows SatSure’s announcement in February 2023, highlighting investments from premier private Indian banks. By synergizing satellite data with AI, SatSure’s analytic solutions enhance profitability, streamline operations and facilitate informed policymaking for its clientele.
Empowering diverse industries
SatSure’s offerings cater to an array of applications, from championing financial inclusivity for farmers and refining debt strategies in rural sectors to managing mortgage loans. Their niche expertise also covers precision strategies for agrichemical sales, adept aeronautical data management, vigilant vegetation monitoring for utilities, detailed construction change tracking and sharp insights into commodity procurement.
Reflecting on the funding milestone, Prateep Basu, the Founder & CEO of SatSure, stressed the company’s vision of ascending as a paramount force in Earth observation data. He highlighted SatSure’s commitment to expanding its spectrum, investing in low-Earth orbit satellite mechanisms and fostering innovation—mirroring the escalating significance of India’s burgeoning private space sector and its alignment with national space goals.
Arul Mehra from BPEP, India, reiterated their sustained trust in SatSure, praising the company’s global clientele, skilled workforce and its pioneering approach to unlocking new markets. Pierre Festal from Promus Ventures voiced their confidence in SatSure, spotlighting their belief in the company’s capabilities and the boundless promise of global geospatial analytics.
It’s noteworthy that SatSure isn’t alone in this journey. Space tech contemporaries like Agnikul Cosmos, Pixxel, Dhruva, Vesta Space, Digantara and InspeCity have witnessed considerable investments recently. This surge underscores the mounting prominence of India’s space tech industry, particularly in a climate of judicious funding allocations. Adding another feather to India’s cap is the recent triumph of the Chandrayaan-3 mission by the Indian Space Research Organisation, cementing India’s stature in the competitive arena of space exploration.
Sarvesh Kurane, [email protected].
Featured image: Credit: SatSure