Finnish satellite startup ICEYE secures $87 million in financing

Espoo-based ICEYE, a SpaceTech startup, has raised an $87 million Series C round of funding. This round was led by True Ventures – a Silicon Valley-based venture capital firm that invests in early-stage technology startups, with participation from OTB Ventures. ICEYE has raised a total of $152M in funding over 8 rounds, Pitchbook reports. Into account, the funding round is significantly larger than originally planned, which is especially notable in the economically unstable 2020.

Founded in 2014 by CEO Rafal Modrzewski and CSO Pekka Laurila, ICEYE is a world-leading SAR data provider. The company is building and operating its own commercial constellation of radar imaging satellites, with SAR data available to global customers since 2018.

The company wants to use the raised money for continuing and accelerating the growth of its satellite constellation and for establishing spacecraft manufacturing in the USA. To date, ICEYE has so far successfully launched 5 satellite missions, starting with the first-ever small SAR satellite launched in January 2018. The company is launching 4 additional SAR satellites this year and is on course to launch at least an additional 8 in 2021. 

Rafal Modrzewski, CEO and co-founder of ICEYE, said:

“ICEYE is enabling others to solve immeasurably difficult problems that affect the lives of millions of people around the world. Our team has built a reputation of delivering results to our customers with unmatched timeliness and quality of service. We are proud of that reputation, and we intend to maintain it. This round of investment ensures our SAR satellite constellation will reach a size of at least 12 satellites in 2021, guaranteeing 4 times a day revisit rate globally.”