[Funding alert] Spacetech startup SatSure raises undisclosed equity round led by Baring PE India
Bengaluru-based spacetech startup, involved in building decision insights using data from satellites for the banking and insurance sectors, has raised an undisclosed amount of equity funding in a round led by Baring Private Equity India.
According to the official statement, the funding will be used for expanding its team to 100 people by March 2022, grow its product portfolio, and increase its international business footprint. It is also looking to capitalise its high-resolution optical and multispectral payload demonstration mission in orbit that was announced earlier this year.
Founded in 2017 by Prateep Basu and Rashmit Singh Sukhmani, and Abhishek Raju, SatSure is a decision intelligence company that works at the convergence of space technology, artificial intelligence, and sustainability.
It provides three key offerings – SatSure Sparta platform for agriculture and climate insights in a freemium model; SatSure SAGE, a life cycle risk monitoring and business intelligence product for the agriculture financial services; and SatSure SKIES, which is a high-resolution satellite imagery-based infrastructure change detection platform.
"Over the last four years, 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. Our vision is to create a full-stack space-tech firm out of India that owns the data source, data engine, and software that shall offer simple plug and play solutions to end customers," said Prateep Basu, CEO at SatSure in a statement.
According to the startup, it has tie-ups with companies like ICICI Bank, Reliance General Insurance, and Samunnati Finance, among others. SatSure’s work has been recognised by international and domestic organisations, such as the Ministry of Agriculture & Farmers Welfare, World Economic Forum, and the Asian Development Bank among others.
Speaking about the funding, Arul Mehra, Partner at Baring Private Equity India explained that SatSure's approach to building a business in the space technology sector is very unique.
“They make insights from space data easily consumable with applicability across sectors. Their SaaS product for farm risk assessment and monitoring has enabled reputed financial institutions to provide on-demand credit to farmers in India and other developing markets. Their insurance products provide significant savings to Insurance companies on underwriting, monitoring, and claims for multiple categories," he said.