In 1963, India embarked on its space journey as a developing nation, launching its first rocket with rudimentary technology. This initial effort merely scratched the surface of space exploration, as India lagged behind superpowers like the United States and the Soviet Union. However, India’s position in the modern space race has undergone a dramatic transformation.

Presently, India has established itself as a hub for space technology innovation, boasting over 140 registered space-tech start-ups. This burgeoning industry has captured the attention of venture capital investors, solidifying its status as one of India’s most lucrative sectors. This shift highlights India’s growing significance as a scientific force on the global stage.

The space launch market is poised for exponential growth, currently valued at around $6 billion and potentially tripling by 2025. However, it’s important to note that despite this impressive expansion, space launches and satellite delivery contribute only 8 percent to India’s overall space business. A more substantial portion of the pie comes from companies specializing in processing and utilizing data transmitted by satellites.

One such company is SatSure, a pioneering decision analytics firm based in Bangalore, India, with branches in Philadelphia, U.S., and Liverpool, U.K. 

Divya Sharma, Vice President of ML and Data Analytics at SatSure in an interview with Analytics India Magazine spoke at length about the workings of the company which was founded by a former ISRO scientist Prateep Basu.

“We are a deep space technology company and the idea is to do decision intelligence from space. When we say space, it’s geospatial data. So it could come from very many modalities. multispectral hyperspectral, IRS data, based on the use cases.”

In 1832, geospatial analysis began with Charles Piquet’s cholera hotspot map during a Paris outbreak. Today, technological advancements are revolutionizing the geospatial field, providing insights that were previously impossible. Over the last five years, industries like archaeology, disaster response, urban planning, logistics, and more have embraced advanced geospatial analytics.

SatSure leverages the latest developments in satellite technology, machine learning, and big data analytics to address significant questions related to sustainability in areas such as agriculture, infrastructure, and climate action. The company’s platform allows for the integration of satellite images with various data sources like weather information, Internet of Things (IoT) data, social data, and economic data. This integration enables the generation of precise and relevant insights that are specific to particular locations and can be acted upon. The team at SatSure has a diverse range of expertise, including geoinformatics, machine learning, software engineering, and financial technology.

SatSure has secured $9.6 million in funding through four rounds, with their latest being a Series A round on February 6, 2023. They have garnered support from 21 investors, including recent backers HDFC Bank and Nithin Kamath. Additionally, SatSure has successfully acquired two organizations, the latest being GeoSpoc USA on May 27, 2022.

Geospatial Data for Good

Devleena Bhattacharjee, CEO of Numer8 Analytics Private Limited, a geo-data science company is a collaborator of Satsure highlighted agriculture as the pioneering sector for spatial data applications in developing nations. She mentioned the potential for geospatial data in domains like transportation, supply chain, government operations, and waste management. For instance, during the Covid pandemic, IIT professors used geographic data to solve supply chain issues for vaccine distribution, aided by companies like Numer8 and SatSure, which offer APIs for integration.

With an extensive amount of data available from continuous observations and various frequencies, the idea of harnessing this data to address urgent challenges arose. 

“The company’s mission is to promote low-income farmers’ inclusion when it comes to getting access to agri-finance or agri-lending, where they want to have the funds to do anything and everything. Since they do not have a credit score or CIBIL score like you and me so it’s very hard even for well-established brands to be able to deploy the funds.” Sharma said.

Traditional lenders find it challenging to extend financial support due to the absence of credit history. However, SatSure aims to leverage its comprehensive data analysis and insights to help these farmers. By analyzing this data, they can facilitate informed decision-making even for individuals who lack conventional credit metrics, thus contributing to solving this issue.

Not just that Sharma highlighted their involvement in aiding planning and evacuation efforts during disasters like the Kerala floods. She emphasised their proactive approach, noting that even without direct requests, they take the initiative to assist. 

“We take responsibility in doing it ourselves, so even if the requests are not coming directly, we typically try to either go to the state governments or do it ourselves.”

For instance, in Haryana, they assessed flood impact on paddy fields, leading to export bans on non-basmati rice due to losses. She explained that their use of satellite data enables them to anticipate such trends in advance, preventing reactive responses. They also collaborated with the state of Kerala, leveraging their tools and capabilities to aid evacuation planning and provide timely insights during emergencies.

Growth of Private Space Companies in India

Moreover, the geospatial industry is no longer niche; the focus is on educating people about available, cost-effective solutions using open-source satellite data to address socio-economic challenges. These solutions can be seamlessly integrated and applied across various sectors.

The landscape of the space industry has evolved significantly, now primarily driven by private enterprise rather than massive government budgets. Space technology is being harnessed for a variety of commercial applications, from satellite imaging systems aiding in crop insurance and commercial fishing to expanding mobile network coverage to remote areas and facilitating solar farm operations.

Starting in June 2020, PM Modi’s announcement to open the space sector to private enterprises set the stage for a proliferation of innovative businesses. These enterprises, rooted in original research and local talent, attracted substantial investment, with space start-ups securing $120 million in new funding the previous year. This growth trend shows no signs of slowing, with annual investment rates doubling or even tripling.

ISRO’s Influence

Sharma acknowledged ISRO’s role as a catalyst due to its successes in the space industry. Additionally, she attributed the push towards space exploration to a generation with a high-risk appetite and a focus on experience over assets and highlighted the energy and enthusiasm of the young population in India driving innovation.

“There’s a lot of appetite, both in the venture capitalist side as well as the founders side to take bigger risks. things which are happening investor privatising the space is actually a huge inspiration.”

India’s national space agency, ISRO, has paved the way for these private players by sharing its successful legacy. The spaceport in Sriharikota, advantageously situated near the Equator, offers optimal launch conditions for various orbital missions. ISRO’s reliable “workhorse” rocket, boasting a remarkable 95% success rate, has substantially lowered satellite insurance costs, positioning India as a highly competitive launch site.

This transformation has been punctuated by collaborations at the highest levels. During a meeting between President Biden and Prime Minister Modi, the leaders emphasized the need for increased collaboration between American and Indian private sectors across the entire spectrum of the space economy.

Conclusively, India’s journey from launching its first rocket as a struggling nation to becoming a significant player in the modern space industry is a testament to its technological advancement and economic growth. The influx of private investment, government support, and a culture of innovation has positioned India as a key player in shaping the future of space exploration and technology.