SatSure, an Indian business that is at the convergence of spacetech, artificial intelligence (AI), and software as a service (SaaS), has raised $5 million in a round led by Baring Private Equity India Pvt. Ltd, joining ADB Ventures as investor.
Flowstate VC, Force Ventures, IndigoEdge Advisors, Toch.ai, Nishchay Goel, and Saikiran Krishnamurthy also participated in the funding round, according to the announcement.
The SaaS company plans to use the funds to extend its foothold in Southeast Asia and accelerate product development, which will include launching its unique payloads into Low Earth Orbit.
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,” Pati said in a statement.
Anjani Bansal, Fund Manager at Flowstate VC and former lead for private sector collaborations at the Bill and Melinda Gates Foundation, said SatSure’s powerful technology backbone and array of solutions have worldwide applications in both emerging and developed countries.
SatSure now has offices in Bengaluru (India), Mumbai (India), St. Gallen (Switzerland), and Liverpool (UK) as a result of this round of funding (United Kingdom).
The team currently has 80 members and expects to expand to more than 100 by the end of the quarter. SatSure’s expansion comes at a time when the worldwide satellite data services industry is predicted to increase at a CAGR of 22.5 percent to $45.85 billion by 2030, according to data from Allied Market Research.
SatSure was founded in 2017 by Prateep Basu, Rashmit Singh Sukhmani, and Abhishek Raju, all of whom are alumni of the Indian Institute of Space Science and Technology (IIST) and the Indian Space Research Organisation (ISRO). SatSure uses satellite data, remote sensing, artificial intelligence, and big data analytics to provide decision intelligence solutions to the Banking, Financial Services, and Insurance (BFSI) sector.
The sustainable nexus of agriculture, infrastructure, and climate change is where SatSure’s value to the BFSI industry rests.