Marking a foray into the US market, Bengaluru-based spacetech startup SatSure Analytics Pvt. Ltd on Friday said it has acquired Philadelphia-based geospatial services provider Old City Innovations (formerly Geospoc LLC) in a cash-plus-stock deal.
The latest acquisition comes a few weeks after SatSure bought software-as-a-service (SaaS) platform CropTrails for an undisclosed sum with an aim to enter overseas markets like Africa, Latin America and Southeast Asia.
SatSure said in a statement that following the buyout, Old City Innovations’ key management personnel will be joining the spacetech company, which will take over the customers contracts and leverage OCI’s expertise to expand its geospatial analytics business footprint in the US market.
“The US is undoubtedly the largest market for solutions with Earth observation (EO) data at its core, and hence having our presence there is the next step in our plans to become a global force in the space industry as a full-stack EO company with a keen focus on customer’s decision intelligence.
The team at OCI has deep experience in financial and technology services, and we are excited to work jointly towards creating value in the overall NAM market,” said Prateep Basu, Founder and CEO of SatSure.
Founded by Basu, Rashmit Singh Sukhmani and Abhishek Raju in 2017, SatSure is a decision analytics company that leverages advances in satellites and big data analytics to help solve problems at the nexus of sustainability of food, water and energy security.
Old City Innovations was set up in 2014 and counts Syngenta, DMI and Applied Residential, among its key customers. Headed by Archie Menezes and Cara Kolson, OCI has been providing geospatial services across mortgage, agriculture, insurance and drone markets in the US.
“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, especially at the intersection of the infrastructure and climate resilience sectors,” said Archie Menezes, President of OCI.
This development comes at a time when the number of spacetech startups in India have doubled in 1 year.
According to the Economic Survey 2022, the total number of space startups in the country has crossed 100 with 47 space technology startups being established in the country in 2021, up from 21 in 2020. In 2019, there were only 11 new startups added in the space sector.
Last year in May, IIT Madras-incubated Agnikul Cosmos Pvt. Ltd raised $11 million in a Series A funding round led by venture capital firm Mayfield India, along with existing investors, pi Ventures, Speciale Invest, Artha Venture Fund, among others. Angel investors Anand Mahindra, Nithin Kamath, Naval Ravikant also participated. The company said it will deploy funds to strengthen and build tech infrastructure and help it become India’s first private player to launch satellites in space.