Satsure raises funds led by Baring Private Equity
Spacetech startup Satsure has raised an undisclosed amount in funding led by Baring Private Equity India.
The Bengaluru-based startup plans to use the capital raised to acquire talent and expand its team to 100 people by March next year, enhance product offerings, and expand globally. It is also looking to capitalise on its high-resolution optical and multispectral payload demonstration mission in orbit that was announced a few months ago
Satsure CEO Prateep Basu stated, “Over the last four years, 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. Our vision is to create a full-stack space-tech firm out of India that owns the data source, data engine, and software that shall offer simple plug and play solutions to end customers.”
Founded in 2017 by Prateep Basu and Rashmit Singh Sukhmani, and Abhishek Raju, SatSure works at the cross-section of space technology, artificial intelligence, and sustainability.
Commenting on the investment, Baring PE India partner Arul Mehra said, “They make insights from space data easily consumable with applicability across sectors. Their SaaS product for farm risk assessment and monitoring has enabled reputed financial institutions to provide on-demand credit to farmers in India and other developing markets. Their insurance products provide significant savings to Insurance companies on underwriting, monitoring, and claims for multiple categories.”
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