This week, India’s SatSure, a space-tech “decision intelligence” firm that uses satellite data obtained from low-earth orbit to provide AI-derived insights in a software-as-a-service (SaaS), announced that it has raised $5 million Pre-Series A venture capital. The round was led by Baring Private Equity India and ADB Ventures, the venture capital arm of the Asian Development Bank, with participation from Flowstate VC, Force Ventures, IndigoEdge Advisors, Toch.ai, Nishchay Goel and Saikiran Krishnamurthy.
SatSure says it will use the proceeds of this funding towards expanding its footprint in Southeast Asia and accelerating its product development, which also includes launching proprietary payloads into Low Earth Orbit.
The company was founded in 2017 by a group of alumni from the Indian Institute of Space Science and Technology (IIST) and Indian Space Research Organization (ISRO), Prateep Basu, Rashmit Singh Sukhmani, and Abhishek Raju. Today, SatSure uses satellite data, remote sensing, Artificial Intelligence, and big data analytics to provide decision intelligence solutions to the Banking, Financial Services, and Insurance (BFSI) sector. SatSure’s says its value to the BFSI segment lies in the sustainability nexus of agriculture, infrastructure, and climate change. It does this via three core decision intelligence products: SatSure Sparta, which is a platform for agriculture and climate-related insights offered via an open innovation, freemium model, SatSure SAGE, which is 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.
The company currently serves 34 enterprise customers across 8 countries, positioning it in a market for global satellite data services that is expected to reach nearly $46 billion by 2030, growing at a compound annualized rate of 22.5 percent in the interim, according to figures from Allied Market Research Data and provided by SatSure.
“SatSure’s powerful analytics platform that combines satellite technology and operational data to minimize 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. We’re thrilled to partner with SatSure as the company expands its footprint in South and Southeast Asia,” said Jugnu Pati, Investment Specialist at ADB Ventures.
“SatSure’s suite of products and robust technology backbone have global applications in both emerging and developed markets. The team has demonstrated exceptional execution capabilities with an impressive track record of customer acquisition. SatSure is well-positioned to emerge as a leader, and we are delighted to be a partner in this journey,” said Anjani Bansal, Fund Manager at Flowstate VC and previous lead for private sector partnerships at the Bill & Melinda Gates Foundation.
