The funding comes at a point where SatSure is closing its Series A round of ₹120 crores. SatSure had previously raised a pre-series A round of ₹34 crores in November 2021 led by Baring Private Equity India Pvt. Ltd., with ADB Ventures (Asian Development Bank’s venture arm).
The company plans to use the funding for accelerating its work of owning a fleet of four data-producing satellites by 2024, driven by AI-on-the-Edge technology. Over the past 12 months, the company says its headcount has grown by three times, while its revenues have grown by five times.
“We are both happy and proud to have India’s three major private financial institutions as our investors. It is a validation of our products and the team for creating a real-life impact on the lives of people using space technology. We will continue building an organisation with a goal of creating an end-to-end EO data and analytics stack for delivering decision intelligence across multiple sectors.” said Prateep Basu, Founder & CEO, SatSure.
Recently, SatSure also launched a joint product with TransUnion CIBIL, which combines the power of the bureau’s credit information and SatSure’s analytics stack that generates crop intelligence using multi-spectral satellite imagery and machine learning.
SatSure offers three main decision intelligence product suites - SatSure Sparta, a platform for providing agriculture and climate-related insights; SatSure Sage - loan life cycle risk monitoring and business intelligence platform for agriculture financial service;, and SatSure Skies, a high-resolution satellite imagery-based infrastructure change detection platform.