Key Takeaways
- SatLeo Labs has secured USD 3.3 million in pre-seed funding, led by Merak Ventures, to advance thermal imaging technology.
- The funds will help in developing proprietary thermal payloads, conducting feasibility studies, and expanding the team.
- SatLeo Labs is poised to launch its first thermal imaging satellite, aiming to strengthen India’s position in the space technology sector.
Funding and Future Plans
A prominent space-tech startup, SatLeo Labs, has raised USD 3.3 million in a pre-seed funding round led by Merak Ventures, with participation from Huddle Ventures, GVFL, Java Capital, IIMA Ventures, PointOne Capital, and notable angel investors Manish Gandhi and Dheer Baldua. This investment is pivotal for SatLeo Labs as it embarks on enhancing earth observation through innovative thermal imaging technology.
The funding will be utilized to further develop SatLeo’s proprietary thermal imaging payload, perform crucial feasibility studies, and obtain necessary regulatory approvals. Additionally, the startup plans to expand its team, establish infrastructure, and initiate pilot testing to validate its technology while enhancing industry partnerships.
Co-founder and CEO Shravan Bhati emphasized the importance of their thermal data, stating, “Each 1°C rise in temperature can reduce global GDP by up to 10%. Our thermal data helps detect risks before they turn into billion-dollar losses — from crop failures to wildfires.” Bhati highlighted the significant potential of thermal imaging technology in positioning India as a leader in space-based intelligence by providing economical and reliable solutions.
Co-founder and CSO Urmil Bakhai mentioned that the Earth Observation (EO) data market is set to surpass $700 billion by 2030, potentially contributing $3.8 trillion to global GDP. Thermal EO is also projected to aid in reducing 2 Gigaton of GHG emissions annually, thus promoting eco-friendly initiatives.
Dr. Ranendu Ghosh, Co-founder and CTO, shared insights on the startup’s innovative approach: “We are pioneering a dual-band, high-resolution thermal payload designed for fused multispectral imaging,” which will support sustainable practices across agriculture, environmental conservation, climate-resilient urban planning, and national defense.
SatLeo Labs has already attracted substantial industry interest, securing over $25 million in Letters of Intent (LOIs) from potential clients. With a skilled team comprising former ISRO scientists and collaborations with ISRO and IN-SPACe, the company is strategically positioned to innovate in the geospatial analytics space with its advanced thermal imaging solutions.
Sheetal Bahl, a Partner at Merak Ventures, indicated that the investment stems from a strong belief in the untapped potential of thermal imagery from space, emphasizing that it will have growing commercial applications. SatLeo Labs aspires to launch its first thermal imaging satellite soon, aiming to solidify India’s leadership in commercial space technology and target global markets effectively.
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