SatSure raises Pre-Series A round of US$ 5 million in funding from Baring PE India, ADB Ventures, and others - PR Newswire APAC
Summary
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. "SatSures 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. 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.