Bengaluru-based SatSure on Monday said it raised $5 million in a pre-Series A funding round led by Baring Private Equity India and ADB Ventures, Asian Development Bank's venture arm.
Other investors, including Flowstate VC, Force Ventures, IndigoEdge Advisors, Toch.ai, Nishchay Goel, and Saikiran Krishnamurthy also participated in the round.
Prateep Basu, Co-founder and CEO, SatSure, said,
“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."
“We are looking forward to working with our investors who are joining us on our vision to create a full-stack space-tech firm out of India,” he added.
Founded in 2017 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, SatSure leverages satellite data, remote sensing, AI, and Big Data analytics to provide decision intelligence solutions to the banking, financial services, and insurance (BFSI) sector.
The startup's value to the BFSI segment lies in the sustainability nexus of agriculture, infrastructure, and climate change.
The startup offers three main decision intelligence products, including SatSure Sparta — a platform for providing agriculture and climate-related insights as open innovation freemium model; SatSure SAGE — life cycle risk monitoring and business intelligence platform for agriculture financial services; and SatSure SKIES — a high-resolution satellite imagery-based infrastructure change detection platform.
"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," said Jugnu Pati, Investment Specialist at ADB Ventures.
With 34 enterprise customers across eight countries, SatSure has offices in Mumbai, St Gallen (Switzerland), and Liverpool (United Kingdom). At present, it has 80 team members and plans to grow to over 100 members by the end of this quarter.
"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," added Anjani Bansal, Fund Manager at Flowstate VC.
SatSure's funding news comes at a time when the global satellite data services market is expected to grow at a CAGR of 22.5 percent to reach $45.85 billion by 2030, according to Allied Market Research data.
Edited by Suman Singh