Bengaluru-based space tech startup SatSure, which offers solutions in the Earth observation data and analytics segment, has closed a Series A round of $15 million in equity capital and venture debut, led by Baring Private Equity Partners and Promus Ventures.
This highlights the growing value of India's space tech firms in the times of the so-called funding winter, which has also been buoyed by the recent success of the Indian Space Research Organisation in soft landing Chandrayaan-3.
The round also saw participation from Omdiyar Network India and xto10X along with existing investors such as Force Ventures, Luckbox Ventures and IndigoEdge Advisors.
SatSure had earlier announced a strategic funding by private sector banks such as ICICI, Kota Mahindra and HDFC Bank in February 2023. In 2021, the startup raised a pre-series A of $5 million.
With this investment, SatSure plans to launch a fleet of four high-resolution optical and multispectral satellites by Q4 of 2025.The fresh round of financing will also be used to accelerate product innovation and expand its operations across the Americas and Asia-Pacific regions.
The startup was founded in 2017, by former ISRO scientists Prateep Basu and Rashmit Singh Sukhmani, and Abhishek Raju to leverage satellite imagery and AI and deliver intelligence from space.
The startup claims that this intelligence will translate to insights for various industries, including agriculture, banking, and critical infrastructure.
"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 programme,” Founder and CEO Prateep Basu said.
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