Spacetech startup SatSure raised an undisclosed amount of strategic investment from ICICI Bank, Kotak Mahindra Bank, and HDFC Ltd. The development comes nine months after SatSure acquired geospatial startup Old City Innovations (OCI) in a cash and stock deal.
SatSure offers remote sensing, machine learning and data analytics solutions to resolve issues related to agriculture, banking and financial service, and climate sectors. SatSure plans to use the funding to own a fleet of four high-resolution data-producing satellites by 2024. The startup claims to have expanded its employee base by 3X and grown revenue by 5X in the past 12 months. According to an ISRO report, the country’s space tech industry will be worth $77 billion by 2030. It currently holds 2% of the global spacetechnology market.