In a significant stride for India’s burgeoning deeptech and space-tech ecosystem, Ahmedabad-based SatLeo Labs has raised USD 3.3 million (~ INR 28 crore) in a pre-seed funding round. The round was led by Merak Ventures, with key participation from Huddle Ventures, GVFL, Java Capital, IIMA Ventures, PointOne Capital, and noted angel investors Manish Gandhi and Dheer Baldua.
Founded in 2023 by Shravan Bhati (CEO), Dr Ranendu Ghosh (CTO), and Urmil Bakhai (CSO), SatLeo Labs is developing cutting-edge satellite-based Earth Observation (EO) technologies that use high-resolution thermal and visible imaging from Low Earth Orbit (LEO). Their flagship innovation—a dual-band, high-resolution thermal payload designed for fused multispectral imaging—is being positioned to revolutionise sectors such as agriculture, urban infrastructure, environmental monitoring, energy, and strategic defence.
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A Leap Towards Space-Based Intelligence
SatLeo Labs aims to deploy the newly raised funds towards multiple strategic goals, including the development of its proprietary thermal imaging payload, securing regulatory clearances, conducting critical feasibility studies, expanding its core team, enhancing infrastructure, and initiating pilot testing. These will help SatLeo Labs validate its tech stack and get ready for its first satellite launch next year.
“Funding is a testament to the growing faith in our vision to make India a global leader in space based intelligence with cost effective and reliable solutions,” said CEO Shravan Bhati. “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.”
SatLeo’s platform uses infrared radiation analytics to interpret and forecast climate related threats, plays a key role in addressing global issues like food security, disaster preparedness and greenhouse gas (GHG) emissions.
Strong Backing
Merak Ventures’ Sheetal Bahl commented on the investment, stating, “Our investment in SatLeo Labs is rooted in a clear thesis—thermal imagery from space is still vastly underutilised, and its commercial applications are only set to grow in ways we may not yet fully grasp. We’re backing them for a genuine tech breakthrough that makes thermal data more useful, accessible and affordable.”
Bahl further highlighted the team’s rare combination of deeptech expertise and real-world application insight, making them a compelling investment amid a largely undercapitalised deeptech space in India.
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Robust Industry Validation
SatLeo Labs has already secured over USD 25 million (approx. INR 211 crore) in Letters of Intent (LOIs) from prospective clients spanning various sectors, signalling strong market demand. The startup is also collaborating with national space agencies, including ISRO and IN-SPACe, and boasts a team composed of former ISRO scientists and domain experts.
CSO Urmil Bakhai reinforced the company’s broader vision: “Earth Observation data is projected to exceed USD 700 billion by 2030 and contribute USD 3.8 trillion to global GDP. Our technology aligns with global sustainability and economic goals, with the potential to reduce 2 Gigaton of GHG emissions annually.”
CTO Dr Ranendu Ghosh added, “We are pioneering a dual-band, high-resolution thermal payload designed for fused multispectral imaging—empowering sustainable solutions across agriculture, environmental conservation, climate-resilient urban planning, and strategic defence.”
A Timely Boost for India’s Deeptech Aspirations
The funding comes at a crucial time. According to some industry reports, overall investments in Indian space-tech startups fell by 35% year-on-year to USD 81 million (~INR 685 crore). However, recent policy support from the central government—including a INR 10,000 crore fund-of-funds for deeptech startups—is poised to change the tide.
SatLeo Labs‘ pre-seed success not only brings renewed attention to India’s space-tech potential but also exemplifies the kind of innovation and execution investors are looking for in the deeptech sector.
As the country strives to expand its footprint in global space and satellite intelligence, SatLeo’s milestone stands as a beacon for what’s possible when pioneering technology meets market validation and bold vision.