SatSure raises $15 million in Series A round
Plans to Launch a Constellation of Four Multispectral Satellites
Earth observation data and analytics company SatSure has closed a Series A round of $15 million in equity capital and venture debt. The round has been led by Baring Private Equity Partners (BPEP), India and Promus Ventures, with participation from Omidyar Network India, and xto10X. With this investment, SatSure's plans of launching a fleet of four high resolution optical and multispectral satellites continues to be on track for Q4, 2025.
“We are committed to expand our outreach, invest in Low-earth orbit satellite assets, and continue developing innovative products that signifies the rise of the India private space sector.”
Prateep Basu, SatSure
Founded in 2017, SatSure leverages satellite imagery and AI to deliver decision intelligence from space, translating to valuable insights for various industries, including agriculture, banking, and critical infrastructure. The fresh round of financing will also be used by the company to accelerate product innovation and expand its operations across the Americas and Asia-Pacific regions.
Along with the lead investors, this round also saw the participation of existing investors Force Ventures, Luckbox Ventures, and IndigoEdge Advisors. The closure of this round follows the strategic investments which SatSure received from the top private sector Indian banks, announced earlier in February, 2023. SatSure's decision analytics are powering greater profitability, improved operational efficiency, and effective policy decision making for its customers, with the convergence of satellite data and Artificial Intelligence (AI).
Current use cases which the firm caters to are spread across enabling farmer financial inclusion, improved debt service management in the rural areas, mortgage loan monitoring, enabling agrichemicals hyperlocal sales intelligence and distribution strategy, aeronautical data management, vegetation monitoring for utilities, construction change detection, and commodities procurement intelligence, to name a few.
“We are committed to expand our outreach, invest in Low-earth orbit satellite assets, and continue developing innovative products that signifies the rise of the India private space sector and its deep rooted alignment to our national space program," said Prateep Basu, SatSure Founder & CEO.
"SatSure is building deep technology expertise and solving tough problems. Our continued confidence in the company's vision is built on the global customer traction, a very talented team, and the large markets they are opening up through their product and business innovation," said Arul Mehra, Partner at BPEP, India, which had also led SatSure's pre-series A round in October, 2021.