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India-based EO Startup SatSure Raises $15M Series A Round

By Rachel Jewett | August 30, 2023
Screenshot via SatSure

Screenshot via SatSure

SatSure, an Earth observation startup based in India and focused on using satellite data for agricultural insurance use cases, raised $15 million in a Series A round. Baring Private Equity Partners, India (BPEP India) and Promus Ventures led the round, with participation from Omidyar Network India, xto10X, Force Ventures, Luckbox Ventures, and IndigoEdge Advisors.

SatSure, which was founded in 2017 and based in Bengaluru, India, said this round will fund the company’s launch of four high resolution optical and multispectral satellites planned for the fourth quarter of 2025. It will also help the company expand its products and expand operations across the Americas and Asia-Pacific regions. 

SatSure combines satellite data and AI algorithms to improve financial institutions’ understanding of the agriculture sector, including a product for crop loan risk management. It also works with critical infrastructure sectors. Its use cases include debt service management for rural areas and hyperlocal sales and distribution intelligence for agrichemicals. 

The company is building its own optical payloads and formed a subsidiary last year called KaleidEO for this work. The company also acquired Philadelphia-based geospatial services company Old City Innovations to enter the U.S. market

SatSure CEO and former NSR analyst Prateep Basu thanked the investors supporting SatSure in becoming a full stack Earth observation data company. “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 program,” he commented. 

Promus Ventures, which is an investor in All.Space, Iceye, Spire, and Rocket Lab, said it will help SatSure expand to new markets. “Promus Ventures’ investment in SatSure is a testament to our confidence in the company’s capabilities and the tremendous potential of geospatial analytics for scaling globally,” partner Pierre Festal said.