SatSure on Tuesday said it secured $15 million to bolster product innovation, and further expand its operations in the American and Asia Pacific region. The Bengaluru based startup said in their release said “We are committed to expanding our outreach, investing in low-earth orbit satellite assets, and continuing to develop innovative products,” said Prateep Basu, Founder and CEO of Satsure.
The spacetech firm products offer insights into agriculture, banking, and critical infrastructure by providing decision intelligence from space.
Spacetech space has witnessed acceleration in recent time. While spacetech startups raised $35 million between 2010 and 2019, they got further boost in 2020 as companies in the sector secured as much as $28 million, according to data insights firm Tracxn.
“This trend continued with exponential growth, reaching $96 million in 2021 and an impressive $112 million in 2022, marking a 17% increase from the previous year. This steady expansion in funding sets the Indian spacetech sector apart from other industries affected by funding challenges and macroeconomic fluctuations,” SatSure statement added.
ISRO’s Chandrayaan-3 landing on the moon’s south pole region have also paved the way for studies in the sector. India has emerged as a leader in the realm of satellite deployment, having deployed nearly 381 satellites in the lower earth orbit, Tracxn said.
Previously in February 2022, SatSure raised $5 million in a pre-Series A funding round led by Baring Private Equity India and ADB Ventures, the venture arm of the Asian Development Bank. It had previously acquired CropTrails, an Indore-based farm management SaaS tool.
The funding round led by Baring Private Equity Partners India and Prosmus Ventures. Other investors who participated in the round included Force Ventures, Luckbox Ventures, and IndigoEdge Advisors also participated in this round.