Satsure, a start-up working at the intersection of space tech, artificial intelligence (AI), and software-as-a-service (SaaS), has raised USD 5 million in the pre-Series-A funding round led by Baring Private Equity India, along with ADB Ventures (Asian Development Bank’s venture capital arm).
The Bengaluru-based start-up said other investors who participated in the round are Flowstate VC, Force Ventures, Indigoedge Advisors, Toch.ai, Nishchay Goel and Saikiran Krishnamurthy. SatSure will use the proceeds to expand its footprint into Southeast Asia and to accelerate product development, which also includes launching its proprietary payloads to low-earth orbit.
The start-up was founded in 2017 by IIST (Indian Institute of Space Science and Technology) and ISRO (Indian Space Research Organisation) alumni Prateep Basu, Rashmit Singh Sukhmani and Abhishek Raju. SatSure leverages satellite data, remote sensing, artificial intelligence and Big Data analytics to provide decision intelligence solutions to banking, insurance and other financial services players.
Apart from its headquarters in Bengaluru, SatSure has offices in Mumbai, St Gallen in Switzerland, and Liverpool in England and serves 34 enterprise customers across eight countries.