Tue. Oct 3rd, 2023
SatSure Secures $15 Million in Series A Funding Round

Bengaluru-based space tech startup, SatSure, has successfully raised $15 million in equity capital and venture debt during its recent Series A funding round. The funding was led by Baring Private Equity Partners (BPEP) India and Promus Ventures, and also included contributions from Omidyar Network India and xto10X. The investment will enable SatSure to deploy four advanced optical and multispectral satellites by the end of 2025.

SatSure, established in 2017, specializes in harnessing satellite images and utilizing AI-driven analysis to provide actionable insights across multiple sectors such as agriculture, banking, and essential infrastructure. The funding will further support product enhancements and expand SatSure’s operational reach in the Americas and the Asia-Pacific region.

Previous investors, including Force Ventures, Luckbox Ventures, and IndigoEdge Advisors, also participated in the funding round. SatSure’s AI-powered analytic solutions have proven to be valuable in improving profitability, optimizing operations, and aiding decision-making for clients.

The company offers its services to a diverse range of industries, from financial inclusion for farmers and debt strategies in rural sectors to managing mortgage loans. SatSure also provides expertise in precision agrichemical sales, aeronautical data management, vegetation monitoring for utilities, construction change tracking, and commodity procurement insights.

SatSure’s Founder and CEO, Prateep Basu, emphasized the company’s vision to become a dominant player in Earth observation data. The funding aligns with India’s growing private space sector and its national space goals. BPEP’s Arul Mehra expressed continued trust in SatSure, highlighting the company’s global clientele and skilled workforce. Pierre Festal from Promus Ventures also voiced confidence in SatSure’s capabilities and the promise of global geospatial analytics.

The funding milestone achieved by SatSure reflects the overall growth and interest in India’s space tech industry. Several other space tech startups, including Agnikul Cosmos, Pixxel, Dhruva, Vesta Space, Digantara, and InspeCity, have also attracted significant investments. This surge underscores the country’s prominence in the space tech sector, especially in an environment where funding for these ventures is being carefully allocated. India’s recent success with the Chandrayaan-3 mission further solidifies its position in the competitive field of space exploration.