BENGALURU, 14 February 2022: SatSure, a startup working at the intersection of spacetech, Artificial Intelligence (AI), and Software as a Service (SaaS), announces the raise of USD 5m in Pre-Series A funding in a round led by Baring Private Equity India Pvt Ltd, who have now been joined by ADB Ventures (Asian Development Bank's venture arm), according to a company press release.
Other investors who participated in the round are Flowstate VC, Force Ventures, IndigoEdge Advisors, Toch.ai, Nishchay Goel and, Saikiran Krishnamurthy.
SatSure will use the proceeds of this funding towards expanding its footprint in Southeast Asia and accelerating its product development, which also includes launching its proprietary payloads to Low Earth Orbit.
Founded in 2017 by the Indian Institute of Space science and Technology (IIST) and Indian Space Research Organisation (ISRO) alumni Prateep Basu, Rashmit Singh Sukhmani, along with Abhishek Raju, SatSure leverages 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 value to the BFSI segment lies in the sustainability nexus of agriculture, infrastructure, and climate change, the release added.
Jugnu Pati, Investment Specialist at ADB Ventures said "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."
"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," added Anjani Bansal, Fund Manager at Flowstate VC and previously lead for private sector partnerships at Bill & Melinda Gates Foundation.
According to data from Allied Market Research, SatSure's growth is occurring at a time when the global satellite data services market is forecast to grow at a CAGR of 22.5 per cent to USD 45.85bn by 2030.
Ravi Kumar: Reporting and writing news stories on agriculture and allied sectors since 2020 prior to this worked as sub-editor for IIICorp for five years.
