Space startup SatSure announced on Monday that it has concluded pre-series A round of $5 Mn. For Bengaluru based startup this latest funding is continuation of the November 2021 fundraise, when it raised undisclosed amount of funding from Baring Private Equity India.
The latest tranche has brought of plethora of investors on the startup’s cap table. This includes ADB Ventures, Flowstate VC, Force Ventures, Indigo Edge Advisors, LunchBox Ventures and xto 10x Technologies.
The company will use the fresh proceedings for ramping up its presence across Southeast Asia market and fast-track its product development. The startup also plans to speed up the launch of its propriety payloads to the lower earth orbit.
SatSure essentially aims to leverage the satellite data to help companies across the sectors in taking data driven and intelligent decisions. To put it in more simple words, its mission is to commoditize and commercialize space data to address macro-economic challenges faced by various companies across the world.
The startup was founded in 2017 by Prateep Basu, Rashmit Singh Sukhmani and Abhishek Raju. Currently, SatSure offers satellite data services to industries catering to agriculture, BFSI, infrastructure, utilities and construction.
While the phrase ‘data is the new oil’ has become ubiquitous but the term ‘space data’ is very rarely used.
“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 consumers,” the company said in the press release.
Although space startup usually struggle to get much traction from the VC industry, quite a few space startups managed to hog limelight over the years. This includes startups like Agnikul Cosmos, Pixxel, Dhruva Space and Bellatrix Aerospace.