Space startup ICEYE raises $93m in growth equity


Finnish space startup ICEYE has secured $93 million in growth equity funding, led by Finnish sovereign wealth fund Solidium Oy, along with participation from Move Capital Fund I, Blackwells Capital, Christo Georgiev, and existing investors.

Founded in 2014, ICEYE specializes in deploying radar satellites that capture images of the Earth’s surface at any time and in any weather conditions using synthetic aperture radar (SAR) technology. What sets ICEYE apart is its use of microsatellites weighing less than 100kg, offering a more cost-effective solution compared to traditional satellites. In 2018, ICEYE made history by launching the first SAR microsatellite into space.

The latest funding round will enable ICEYE to expand its portfolio of data and subscription products, following a successful Series D round two years ago. With a total funding of $438 million, ICEYE now ranks as the second best-funded space tech startup in Europe, according to Dealroom.

Rafal Modrzewski, CEO and Co-founder of ICEYE, expressed gratitude for the support from both domestic and international investors, emphasizing ICEYE’s vision to enhance life on Earth by becoming the global leader in Earth observation.

In 2023, ICEYE reported over $100 million in revenue, signaling significant commercial traction in recent years, particularly on the international front. The company collaborates with governments and commercial industries, providing intelligence across various sectors such as insurance, natural catastrophe response, security, maritime monitoring, and finance. By facilitating informed decision-making, ICEYE aims to contribute to community resilience and sustainable development.

Headquartered in Finland, ICEYE boasts a team of more than 600 employees, driving innovation in the space technology sector.

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