SatSure, a Bengaluru-based spacetech firm that builds decision insights for the banking and insurance industries using data from satellites, has acquired an unknown amount of equity capital backed by Baring Private Equity India.
SatSure is a decision intelligence firm that focuses at the intersection of space technology, artificial intelligence, and sustainability, founded in 2017 by Prateep Basu, Rashmit Singh Sukhmani, and Abhishek Raju.
“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. Our vision is to create a full-stack space-tech firm out of India that owns the data source, data engine, and software that shall offer simple plug and play solutions to end customers,” said Prateep Basu, CEO at SatSure in a statement.
Speaking about the funding, Arul Mehra, Partner at Baring Private Equity India explained that SatSure’s approach to building a business in the space technology sector is very unique.
“They make insights from space data easily consumable with applicability across sectors. 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,” he said.