SatSure, a provider of satellite Earth observation data and analytics, has closed a Series A round worth $15 million in equity and venture debt. The round was led by Baring Private Equity Partners (BPEP), India and Promus Ventures.
Omidyar Network India and xto10X are the two new investors who joined the round along with existing backers Force Ventures, Luckbox Ventures, and IndigoEdge Advisors.
The Bengaluru-based startup raised $5 million in a pre-Series A funding round led by Baring Private Equity India and others in February 2022. Eight months ago, the firm also bagged strategic funding from ICICI and Kotak Mahindra Bank.
The fresh funding will help SatSure to streamline its plan to launch a fleet of four high-resolution optical and multispectral satellites by Q4, 2025. The financing will also help the company expansion across the US and Asia-Pacific regions.
Five-year-old Satsure leverages satellite imagery and AI to deliver decision intelligence from space, translating to valuable insights for various industries, including agriculture, banking, and critical infrastructure. SatSure’s decision analytics claims to provide greater profitability, improved operational efficiency, and effective policy decision making for its customers.
Over the past few years, several space tech startups such as Agnikul Cosmos, Skyroot Aerospace, Pixxel, Bellatrix, GlaxEye, Dhruva, Vesta Space, Digantara and InspeCity have managed to raise decent funding.
In June, spacetech startup Digantara raised $10 million in Series A1 funding led by Peak XV Partners (formerly Sequoia Capital India) and Kalaari Capital. In the same month, Pixxel scooped up $36 million in a series B funding round from new investors such as Google.
