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Spacetech startup SatSure on Tuesday said it raised $15 million in a funding round led by Baring Private Equity Partners India and Prosmus Ventures. Investors like Force Ventures, Luckbox Ventures, and IndigoEdge Advisors also participated in this round.

The Bengaluru-headquartered company will use the funds for product innovation besides expanding its operations in the American and Asia Pacific region, SatSure said in a statement.

“We are committed to expanding our outreach, investing in low-earth orbit satellite assets, and continuing to develop innovative products,” said Prateep Basu, Founder and CEO of Satsure.

The spacetech startup’s products are used to deliver insights into agriculture, banking, and critical infrastructure by providing decision intelligence from space.

In February 2022, SatSure raised $5 million in a pre-Series A funding round led by Baring Private Equity India and ADB Ventures, the venture arm of the Asian Development Bank. It had previously acquired CropTrails, an Indore-based farm management SaaS tool.

Spacetech space poised for growth

While spacetech startups raised $35 million between 2010 and 2019, they received a boost in 2020 when companies in the sector raised as much as $28 million, according to data insights firm Tracxn.

“This trend continued with exponential growth, reaching $96 million in 2021 and an impressive $112 million in 2022, marking a 17% increase from the previous year. This steady expansion in funding sets the Indian spacetech sector apart from other industries affected by funding challenges and macroeconomic fluctuations,” it added.

Recent milestones like ISRO’s Chandrayaan-3 landing on the moon’s south pole region have also paved the way for studies in the sector. India has emerged as a leader in the realm of satellite deployment, having deployed nearly 381 satellites in the lower earth orbit, Tracxn said.