Decision Analytics Startup SatSure Raises $5M In Pre-Series A Funding
SatSure, a Bengaluru-based startup, has raised $5 million in a pre-Series A funding round led by Baring Private Equity India and ADB Ventures, Asian Development Bank’s venture arm.
This funding round is in continuity with SatSure’s undisclosed fundraise in November 2021, when it onboarded Baring Private Equity India as an investor. Several other investors, including Flowstate VC, Force Ventures, Luckbox Ventures, IndigoEdge Advisors, Toch.ai, Nishchay Goel, and Saikiran Krishnamurthy, also participated in the funding round.
SatSure | Decision Analytics Startup
Founded by the Indian Institute of Space Science and Technology (IIST) and Indian Space Research Organisation (ISRO) alumni Prateep Basu, Abhishek Raju and Rashmit Singh Sukhmani in 2017, SatSure is an innovative decision analytics startup that leverages advances in satellites, machine learning and big data analytics to provide answers to large area questions across the sustainability next of agriculture, infrastructure, and climate action.
Speaking about the development, Prateep Basu, Co-founder and CEO of SatSure, said,
“At SatSure, we have developed products for various markets, where intelligence derived from space data forms the core of the offering, which is globally scalable, proving that such a business can be built sustainably. This funding round will help us accelerate our mission towards enabling rural financial inclusion and expand our footprint into South East Asia.”
With its decision intelligence products, including SatSure Sparta, SatSure SAGE and SatSure SKIES, the startup provides decision intelligence solutions to the banking, financial services, and insurance (BFSI) sector.
At present, the Bengaluru-based decision analytics startup has 80 team members and plans to grow to over 100 members by the end of this quarter. SatSure has offices in Mumbai, St Gallen (Switzerland), and Liverpool (United Kingdom) and 34 enterprise customers across eight countries.
According to Allied Market Research data, the global satellite data services market is expected to grow at a CAGR of 22.5% to reach $45.85 billion by 2030.
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