The space technology firm said, while also growing the number of businesses it sells its software-as-a-service (SaaS) solutions to and growing its presence in markets outside of India as well, it will utilise the capital to double its team from 50 to 100 people by the end of the current fiscal
An undisclosed amount has been raised by a space technology company SatSure in a funding led by Baring Private Equity India as it eyes expansion of its product portfolio and growing its global footprint. The space technology firm utilises satellite data to extract actionable insights for the banking and insurance sectors.
To sell its insights on crop health and predictive analytics, the Bengaluru-based company, which was founded in 2017 by Prateep Basu, Rashmit Singh Sukhmani and Abhishek Raju, has remained bootstrapped until now, and works with brands such as Reliance General Insurance, and Samunnati Finance among others.
“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”, said Prateep Basu, CEO at the space technology company. “Our vision is to create a full-stack space-tech firm out of India that owns the data source, the data engine, and software that shall offer simple plug and play solutions to end customers”.
The space technology firm said, while also growing the number of businesses it sells its software-as-a-service (SaaS) solutions to and growing its presence in markets outside of India as well, it will utilise the capital to double its team from 50 to 100 people by the end of the current fiscal.
Earlier this year, SatSure said, to meet the growing need for high-resolution images needed by the aviation, banking, insurance and transportation sectors, it would launch a fleet of remote sensing micro satellites starting from 2022. To utilise its hybrid propulsion systems for its satellites, the company has partnered with Bellatrix Aerospace.
“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”, said Arul Mehra, partner at Baring Private Equity India.
To own a fleet of earth observation satellites, the space technology company is the second private Indian company after start-up Pixxel. Pixxel’s first satellite is slated for launch on India’s workhorse Polar Satellite Launch Vehicle (PSLV) later this year.
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