SatSure, a start-up working at the intersection of space-tech, artificial intelligence (AI), and Software as a Service (SaaS), has raised $5 million in Pre-Series A funding from Baring Private Equity India Pvt Ltd, who have now been joined by ADB Ventures (Asian Development Bank’s venture arm). Other investors who have participated in the round are Flowstate VC, Force Ventures, IndigoEdge Advisors, Toch.ai, Nishchay Goel and Saikiran Krishnamurthy, the company said in a statement. Prateep Basu, Co-founder and CEO, SatSure, said the company plans to use the latest funding to expand its footprint in South-East Asia and accelerate product development that includes launching its proprietary payloads to a low earth orbit.
Founded in 2017 by the Indian Institute of Space Science and Technology (IIST) and the 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. “SatSure’s powerful analytics platform that combines satellite technology and operational data to minimise 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 South-East Asia,” said Jugnu Pati, Investment Specialist at ADB Ventures. “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 the Bill & Melinda Gates Foundation. SatSure, headquartered in Bengaluru, has offices in Mumbai, St. Gallen (Switzerland), and Liverpool (United Kingdom). Currently, the team has 80 members and plans to grow to more than 100 members strong by the end of this quarter. It currently has some 34 enterprise customers across 8 countries.