Spacetech startup SatSure has raised Pre-Series A round of $5 Mn funding led by Baring Private Equity India and ADB Ventures, Asian Development Bank’s venture arm.
Other investors also also participated in this funding round including, Flowstate VC, Force Ventures, IndigoEdge Advisors, Toch.ai, Nishchay Goel, Luckbox Ventures, and Saikiran Krishnamurthy.
Spacetech startup SatSure was founded by the Indian Institute of Space Science and Technology (IIST) and Indian Space Research Organisation (ISRO) alumni Prateep Basu, Rashmit Singh Sukhmani, and Abhishek Raju in 2017.
“At SatSure, we have developed products for various markets, where intelligence derived from space data forms the core of the offering, which is globally scalable, proving that such a business can be built sustainably. This funding round will help us accelerate our mission towards enabling rural financial inclusion and expand our footprint into South East Asia.” Prateep Basu, Co-founder and CEO, SatSure, said.
Spacetech startup SatSure is an innovative decision analytics company based in Bangalore, Switzerland, London, and Sydney. SatSure is leverage advances in satellites, machine learning and big data analytics to provide answers to large area questions across the sustainability next of agriculture, infrastructure, and climate action.
“SatSure’s powerful analytics platform that combines satellite technology and operational data to minimise lending risk is unique and best placed to offer actionable and timely insights. Its proprietary AI-powered modeling empowers financial institutions to issue credit and insurance policies faster in higher volume and on less conservative terms, which unlocks financing for smallholder farms,” Jugnu Pati, Investment Specialist at ADB Ventures, said.
SatSure’s platform enables combining of satellite imagery with weather, IoT, social and economic datasets, among many others to generate timely, location specific actionable insights.
“SatSure’s suite of products and robust technology backbone have global applications in both emerging and developed markets. SatSure is well-positioned to emerge as a leader, and we are delighted to be a partner in this journey,” Anjani Bansal, Fund Manager at Flowstate VC, said.
SatSure will use the funding towards expanding its footprint in Southeast Asia and accelerating its product development, including launching its proprietary payloads to Low Earth Orbit.