Spacetech startup SatSure has acquired US-based geospatial startup, Old City Innovations (OCI) in a cash and stock deal.
With this acquisition, SatSure will be expanding its footprint to the US market. It will further handle the clientele of OCI in the American market.
As part of the deal, OCI’s key management will join SatSure and help manage its operations in the US.
The latest development comes after SatSure aquihired SaaS startup CropTrails to venture into Africa, SEA And LATAM in May this year.
Founded in 2014, OCI is headed by Archie Menezes and Cara Kolson. The startup offers geospatial services to various sectors including mortgage, agriculture, insurance, and drone markets in the US. Its clientele includes Syngenta, DMI, and Applied Residential, among others.
Following the acquisition, Menezes, who currently heads OCI’s operations in North America, will be acting as the president of SatSure in the continent.
Menezes said, “SatSure’s product offerings are niche, differentiated, and very relevant for the NAM markets…We will continue servicing our existing customers while expanding the footprint of our business with the diverse offerings that SatSure has.”
Founded in 2017 by Prateep Basu, Rashmit Singh Sukhmani and Abhishek Raju, SatSure claims to solve problems relating to agriculture, banking and financial service, and climate change. It offers remote sensing, machine learning and data analytics through its product suite to handle sectoral issues as mentioned above.
Besides, it has three offerings:
- SatSure Sparta– a platform that offers insights for agriculture and climate sector
- SatSure SAGE – a risk monitoring and business intelligence suite for agriculture financial services
- SatSure SKIES – a satellite-based product suite for detecting infrastructural changes
As per the statement, SatSure will continue to grow and diversify its products. It is also looking to launch a fleet of satellites by 2024.
In February, SatSure closed its $5 Mn Pre-Series A round after getting backed by new investors – ADB Ventures, Flowstate VC, Force Ventures, IndigoEdge Advisors, Toch.ai, among others.
The Fly High Spacetech Sector
In February, Union Minister of State for Science and Technology, Jitendra Singh informed that the government was looking to allow FDI to boost India’s space sector. The bill is yet to be cleared by the government.
Besides, it was also reported (by ISpA) that the government would launch three policies in 2022 as a part of the Space Activity Bill.
According to a report, the Indian space tech industry is expected to reach $77 Bn by 2030. It currently accounts for 2% of the global market share.
At present, over 55 spacetech startups are registered with ISRO and the Department of Space. Out of these startups, 29 are satellite-based while 10 startups work in space applications and products.
In January this year, spacetech startup Skyroot Aerospace secured $4.5 Mn in a bridge funding round led by Sherpalo Ventures and Wami Capital while in the previous year, Agnikul bagged $11 Mn in its Series A funding round. Its round was led by Mayfield India.
