The US is largest market for solutions with Earth observation data, says Basu
Bengaluru-based SatSure, a deep tech startup working at the intersection of spacetech, Artificial Intelligence (AI), and Software as a Service (SaaS) to drive decision intelligence, has acquired Philadelphia-based Old City Innovations (formerly Geospoc LLC, USA) in a cash plus stock deal, marking its entry into 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,” Prateep Basu, founder and CEO of SatSure, said on 27 May 2022.
“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,” he said.
OCI President Archie Menezes added, “SatSure’s product offerings are niche, differentiated, and very relevant for the NAM markets. Hence, joining forces to tap into the vast potential of the geospatial analytics space was the natural step forward for us.
“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.”
Founded in 2014, Old City Innovations (OCI) counts Syngenta, DMI and Applied Residential among its key customers.
This marks the second acquisition deal by SatSure in 2022, first one being of Indore-based farm management SaaS tool CropTrails.
“In addition to our Agri suite of solutions, the Non-Agri solutions line SatSure Skies, which caters to users in the mortgage, utilities and energy sectors, provides us with a tremendous opportunity to expand our products and services in new market segments,” said the company.
SatSure will continue growing both organically and inorganically to achieve its strategic goals, and diversifying its product geography mix to prepare for exponential growth through backward integration as its high resolution and daily revisit providing satellite fleet which will be launched in 2024.
Headed by Archie Menezes and Cara Kolson, OCI has been providing geospatial services in the domains of mortgage, agriculture, insurance, and drone markets in the U.S. Post the acquisition, the key management personnel of OCI will be joining SatSure, which will take over the customers contracts and leverage OCI’s expertise to expand its geospatial analytics business footprint in the US market.
SatSure is an innovative decision analytics company based in Bangalore, Switzerland, London, and Sydney. At SatSure, we leverage advances in satellites, machine learning and big data analytics to provide answers to large area questions across the sustainability next of agriculture, infrastructure, and climate action.
SatSure offers three main decision intelligence products: a) SatSure Sparta: a platform for providing agriculture and climate-related insights; b) SatSure SAGE: life cycle risk monitoring and business intelligence product suite for agriculture banking; c) SatSure SKIES: high-resolution satellite imagery-based infrastructure change detection product suite. fiinews.com
