SatSure raises $15 million in Series A round led by Baring Private Equity Partners, India and Promus Ventures
BENGALURU, India, Aug. 30, 2023 /PRNewswire/ — SatSure, a global leader in satellite Earth observation data and analytics, 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.
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.
SatSure expressed enthusiasm about the investment closure, with Prateep Basu, Founder & CEO stating, “We are thrilled to have such a great group of investors, who are supporting us in the journey towards becoming a full stack Earth observation data player. 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.”
“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.
Promus Ventures, a leading venture capital firm investing in DeepTech and based in Chicago, San Francisco and Luxembourg, is known for its investments in DeepTech early-stage companies, including Space and AI. Pierre Festal, Partner at Promus Ventures said, “Promus Ventures’ investment in SatSure is a testament to our confidence in the company’s capabilities and the tremendous potential of geospatial analytics for scaling globally. We are excited to partner with SatSure and support their expansion into new markets while fostering innovation in the space industry.”
SatSure is a DeepTech, Decision Intelligence company headquartered in Bangalore, India. Leveraging satellite imagery and AI, SatSure provides valuable insights to industries such as agriculture, insurance, and infrastructure. Their solutions empower clients to make data-driven decisions and drive sustainable development. For more information, visit here.