Space-tech startup SatSure secures an investment of around ₹38 crore
For the past few years, the country's space-tech world has also been able to make a mark among investors rapidly. And in this episode, now Bengaluru-based spacetech and AI startup SatSure has secured an investment of $5 million (₹38 crore) under its pre-series A round. In addition, other leading investors including Asian Development Bank's venture arm ADB Ventures, Flowstate VC, Force Ventures, IndigoEdge Advisors, Toch.ai and LuckBox Ventures also participated in this investment round.
The investment round for the company is led by Baring Private Equity India Pvt. Ltd. has done it. SatSure will also appear to be trying to accelerate plans to actually launch and place its payloads in low Earth orbit. The company works on a nexus of agriculture, infrastructure, climate change, defense and aviation to assist the BFSI segment in 'decision-making' processes using satellite data.
According to the company, it will use this new capital to expand its presence in Southeast Asia and accelerate its product development. Not only this, but this startup helps in commoditizing space data to address all the current challenges in the agriculture sector, thereby better working towards financial inclusion of farmers and food security for the nation. The company said; “Our endeavor is to create a full-stack spacetech firm with a wide spectrum of data sources, data engines and software across most regions, including India, to provide simple plug and play solutions to our customers.”
The startup called SatSure currently offers mainly three solutions. The first is SatSure Sparta which can be seen as a platform providing agriculture and climate insights based on a freemium model. Next comes SatSure SAGE, a life-cycle monitoring and business intelligence product for agricultural financial services. And the third is SatSure SKIES, a high-res satellite imagery-based infrastructure change detection platform. We can say that this SaaS startup has worked to make space related data easily usable for its users across sectors, thereby enabling financial institutions to assess situations that are 'beyond control' and farmers. Helps to provide on-demand credit. The company currently claims that it has 34 industry customers in 8 countries, which is expected to grow rapidly. SatSure was started in the year 2017 by Prateep Basu, Rashmit Singh Sukhmani and Abhishek Raju together.
