Spacetech Startup SatSure Closes $5 Mn Round; Plans Expansion In Southeast Asia

Bengaluru-based spacetech startup SatSure has closed its Pre-Series A round of $5 Mn. The round is in continuity with SatSure’s undisclosed fundraise in November 2021, when it onboarded Baring Private Equity India.

The continued round added a slew of new investors Asian Development Bank’s venture arm ADB Ventures, Flowstate VC, Force Ventures, IndigoEdge Advisors, Toch.ai, Duro Capital’s Nishchay Goel, LuckBox Ventures and xto10x Technologies’ Saikiran Krishnamurthy on the startup’s captable.

The funds raised in the current round will help the startup expand its footprint in Southeast Asia and accelerate its product development. SatSure is planning to accelerate the launch of its proprietary payloads to lower Earth orbit.

Founded in 2017 by Prateep Basu, Rashmit Singh Sukhmani and Abhishek Raju, SatSure utilises satellite data to provide ‘decision intelligence’ to the BFSI segment working at the nexus of agriculture, infrastructure, climate change, defence and aviation.

It helps commoditise space data to address the macro challenges in the agriculture sector, enabling the financial inclusion of farmers and food security for the nation.

“Our vision is to create a full-stack spacetech firm out of India that owns the data source, the data engine and software that shall offer simple plug and play solutions to end customers,” it claimed.

SatSure has three offerings:

• SatSure Sparta platform for agriculture and climate insights in a freemium model
• SatSure SAGE – a life cycle risk monitoring and business intelligence product offering for the agriculture financial services
• SatSure SKIES – a high-res satellite imagery-based infrastructure change detection platform.

In a nutshell, the SaaS startup makes space data easily consumable for its users across sectors, helping financial institutions provide on-demand credit to farmers based on ‘beyond control’ conditions. It claims to have 34 enterprise customers across eight countries.

As India becomes a more and more attractive option to organisations looking to launch satellites on a budget, Indian spacetech startups seem to be ready to grab the baton from ISRO.

In October 2021, the government launched the Indian Space Association (ISpA) — a platform to bring together public and private spacetech players, boosting India’s space industry.

The Indian space budget has also grown 2x since 2017. According to an Inc42 analysis, the Indian space tech market will offer an addressable opportunity of $77 Bn by 2030.

Update Note: February 07, 2022 | 01:53 PM

Addition Of LuckBox Ventures As Investor