Marking a foray into the United States marketplace, Bengaluru-primarily based totally space tech startup SatSure Analytics Pvt. Ltd on Friday stated it has obtained Philadelphia-primarily based totally geospatial offerings issuer Old City Innovations (previously Geospoc LLC) in a cash-plus-inventory deal.
The modern-day acquisition comes some weeks after SatSure sold software-as-a-service (SaaS) platform CropTrails for an undisclosed sum with the goal to go into remote places markets like Africa, Latin America and Southeast Asia.
SatSure stated in an announcement that following the buyout, Old City Innovations’ key control employees could be becoming a member of the spacetech agency, in an effort to take over the client’s contracts and leverage OCI’s understanding to make bigger its geospatial analytics enterprise footprint withinside the US marketplace.
“The US is certainly the most important marketplace for answers with Earth observation (EO) facts at its core, and subsequently having our presence there may be the following step in our plans to end up a international pressure withinside the area enterprise as a full-stack EO agency with a eager cognizance on customer’s choice intelligence.
The group at OCI has deep revel in in economic and era offerings, and we’re excited to paintings at the same time in the direction of developing price withinside the normal NAM marketplace,” stated Prateep Basu, Founder and CEO of SatSure.
Founded with the aid of using Basu, Rashmit Singh Sukhmani and Abhishek Raju in 2017, SatSure is a choice analytics agency that leverages advances in satellites and huge facts analytics to assist remedy issues on the nexus of sustainability of food, water and electricity security.
Old City Innovations became installation in 2014 and counts Syngenta, DMI and Applied Residential, amongst its key clients. Headed with the aid of using Archie Menezes and Cara Kolson, OCI has been supplying geospatial offerings throughout mortgage, agriculture, coverage and drone markets withinside the US.
“SatSure’s product services are niche, differentiated, and really applicable for the NAM markets. We will maintain servicing our present clients even as increasing the footprint of our enterprise with the various services that SatSure has, mainly on the intersection of the infrastructure and weather resilience sectors,” stated Archie Menezes, President of OCI.
This improvement comes at a time whilst the quantity of spacetech startups in India have doubled in 1 12 months.
According to the Economic Survey 2022, the entire quantity of area startups withinside the u . s . has crossed one hundred with forty seven area era startups being installed withinside the u . s . in 2021, up from 21 in 2020. In 2019, there have been simplest eleven new startups introduced withinside the area sector.
Last 12 months in May, IIT Madras-incubated Agnikul Cosmos Pvt. Ltd raised $eleven million in a Series A investment spherical led with the aid of using assignment capital organization Mayfield India, along side present traders, pi Ventures, Speciale Invest, Artha Venture Fund, amongst others. Angel traders Anand Mahindra, Nithin Kamath, Naval Ravikant additionally participated. The agency stated it’ll install budget to reinforce and construct tech infrastructure and assist it end up India’s first non-public participant to release satellites in area.