PR94420

BENGALURU, India, Feb. 7, 2022 /PRNewswire=KYODO JBN/ --

SatSure(https://www.satsure.co/), a startup working at the intersection of

spacetech, Artificial Intelligence (AI), and Software as a Service (SaaS),

announces the raise of US$ 5 million in Pre-Series A funding in a round led by

Baring Private Equity India Pvt. Ltd., who have now been joined by ADB Ventures

(Asian Development Bank's venture arm). 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 of this funding towards expanding its footprint

in Southeast Asia and accelerating its product development, which also includes

launching its proprietary payloads to Low Earth Orbit. Founded in 2017 by the

Indian Institute of Space science and Technology (IIST) and Indian Space

Research Organisation (ISRO) alumni Prateep Basu, Rashmit Singh Sukhmani, along

with Abhishek Raju, SatSure leverages satellite data, remote sensing,

Artificial Intelligence, and big data analytics to provide decision

intelligence solutions to the Banking, Financial Services, and Insurance (BFSI)

sector. SatSure's value to the BFSI segment lies in the sustainability nexus of

agriculture, infrastructure, and climate change.

"SatSure's powerful analytics platform that combines satellite technology and

operational data to minimize lending risk is unique and best placed to offer

actionable and timely insights. Its proprietary AI-powered modeling empowers

financial institutions to issue credit and insurance policies faster, in higher

volume, and on less conservative terms, which unlocks financing for smallholder

farms. We're thrilled to partner with SatSure as the company expands its

footprint in South and Southeast Asia," said Jugnu Pati, Investment Specialist

at ADB Ventures.

"SatSure's suite of products and robust technology backbone have global

applications in both emerging and developed markets. The team has demonstrated

exceptional execution capabilities with an impressive track record of customer

acquisition. SatSure is well-positioned to emerge as a leader, and we are

delighted to be a partner in this journey," added Anjani Bansal, Fund Manager

at Flowstate VC and previously lead for private sector partnerships at Bill &

Melinda Gates Foundation.

With this round of funding, SatSure is now headquartered in Bengaluru (India),

with offices in Mumbai (India), St. Gallen (Switzerland), and Liverpool (United

Kingdom). Currently, the team has 80 members and plans to grow to more than 100

members strong by the end of this quarter. With 34 enterprise customers across

8 countries, SatSure's growth comes at a time when the global satellite data

services market is expected to grow at a CAGR of 22.5% to reach $45.85 billion

by 2030, according to Allied Market Research

data(https://www.alliedmarketresearch.com/satellite-data-services-market-A06428)

.

About SatSure

SatSure offers three main decision intelligence products: a) SatSure Sparta: a

platform for providing agriculture and climate-related insights as an open

innovation, freemium model; b) SatSure SAGE: life cycle risk monitoring and

business intelligence platform for agriculture financial services; c) SatSure

SKIES: high-resolution satellite imagery-based infrastructure change detection

platform.

For queries, please reach out to:

Sarvesh Kurane info@satsure.co

+91-9769252409

SOURCE:  SatSure