Decision Intelligence from Space
SatSure raises $15M Series A financing on its quest to build a full-stack geospatial intelligence company out of India
Promus Ventures is excited to co-lead the $15M Series A round of SatSure, a Bangalore-based company building the next generation of location intelligence and analytics for financial inclusion and sustainability.
Together with Baring Private Equity Partners India, Omidyar Network, xto10x and strategic investor HDFC Ltd., we are happy to support Prateep Basu, Rashmit Singh Sukhmani, Abhishek Raju and the team as they set out to build SatSure into the leading geospatial data analytics and decision intelligence platform originating from India. SatSure will use the proceeds to continue developing its platform, grow the team and expand its global footprint.
From agriculture data analytics…
SatSure was founded in 2017 by Indian Institute of Space Science and Technology (IIST) alumni Prateep Basu, Rashmit Singh Sukhmani and Abhishek Raju. The company was initially bootstrapped as it built a geospatial data intelligence and analytics platform leveraging remote-sensing and machine learning (SatSure Sparta).
SatSure initially went after the large and fragmented agricultural sector in India (accounting for ca. 15% of GDP), offering a suite of location intelligence applications (SatSure Sage) to help financial institutions make better decisions in their underwriting and management of crop and equipment loans. This automated, data-driven underwriting has in turn democratized access to financing and improved the livelihoods of millions of farmers in India. Today, SatSure is working with some of the largest private lenders and credit bureaus in India and beyond.
...to a full-stack geospatial intelligence platform
Leveraging its initial market entry, SatSure identified other use cases and sectors that could benefit from its offering as well as opportunities to integrate vertically.
Large infrastructure projects in energy or transportation are complex and cumbersome to plan, execute and manage. Leveraging high-resolution satellite imagery, SatSure has built a suite of applications (SatSure Skies) tailored to the unique needs of decision makers in the energy, utilities and aviation sectors. The company is working with large developers and owners across the world and is seeing strong demand as the need for sustainable infrastructure continues to grow.
In parallel to this downstream horizontal expansion, SatSure is looking to integrate vertically and has been working on its high-resolution optical and multi-spectral payload with a view to launching its own satellite constellation (KaleidEO) in 2025. This will enable SatSure to generate its own, proprietary data sets and improve its value proposition to customers.
The need for more geospatial intelligence and analytics continues to grow across the board. SatSure’s approach, combining solutions tailored to specific needs and sectors and vertical integration into a full-stack location intelligence and analytics platform is ideally positioned to capitalize on this opportunity.
You can read more about SatSure’s vision and approach here.
Promus Ventures invests in early-stage deep tech startups solving complex problems to advance everyday lives across the world. Some of Promus Ventures’ other leading portfolio investments include Rocket Lab (Nasdaq: RKLB), Whoop, Spire (NYSE: SPIR), Mapbox, ICEYE, Bellabeat, Swift Navigation, AngelList, Behavox, Gauss Surgical, Figure Eight, All.Space, Halter, Cobalt, Safehub, The Exploration Company and numerous others.
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