A space technology company, SatSure, that utilizes satellite data to extract actionable insights for the banking and insurance sectors, has raised funding led by Baring Private Equity India.

“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,” said Prateep Basu, CEO at SatSure. “Our vision is to create a full-stack space-tech firm of India that owns the data source, the data engine, and software that shall offer simple plug and play solutions to end customers.”

The company said it will utilise the capital to double its team from 50 to 100 people by the end of the current fiscal, while also growing the number of businesses it sells its software-as-a-service (SaaS) solutions to and growing its presence in markets outside of India as well.

SatSure was founded in 2017 in Bengaluru, by Prateep Basu, Rashmit Singh Sukhmani and Abhishek Raju. It works with brands like Reliance General Insurance, ICICI Bank and Samunnati Finance among others to sell its insights on crop health and predictive analytics.

Earlier this year, SatSure said it would launch a fleet of remote sensing microsatellites starting from 2022, to meet the growing need for high-resolution images needed by the aviation, banking insurance and transportation 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,” said Arul Mehra, partner at Baring Private Equity India.

After startup Pixxel, SatSure is the second private Indian company to own a fleet of earth observation satellites.