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Helsinki-based spacetech ICEYE raises $136M to expand its in-orbit spacecraft fleet

The Finnish startup ICEYE has announced the closing of a $136 million Series D funding round. The company develops, builds, and operates its own radar imaging satellites, Silicon Canals reports.

  • ICEYE was founded in 2015 by Pekka Laurila and Rafal Modrzewski. It is a spacetech startup that develops, builds, and operates a commercial constellation of synthetic-aperture radar (SAR) imaging satellites.
  • The startup is aimed to provide real-time information and access to data to its customers in the insurance, natural disaster response and recovery, security, maritime monitoring, and finance industries.
  • Seraphim Space led the current round. It is the world’s leading investor in the spacetech sector, with more than 50 spacetech companies in its portfolio. Seraphim focuses on seed to pre-series A startups, with investments ranging from $1 million to $25 million.
  • New strategic investors, BAE Systems and Kajima Ventures, also joined the round. Several existing investors, including Molten Ventures, OTB Ventures, True Ventures, C16 Ventures, the UK’s National Security Strategic Investment Fund (NSSIF), and the European Investment Fund (EIF), also participated.
  • Previously, in September 2020, the company raised $84.7 million in a Series C round. In general, ICEYE has raised a total of $304 million in funding since its inception.
  • The company has deployed 16 satellites in orbit to date and plans to use the new funds to help launch as many as ten additional ones this year.
  • ICEYE plans to use the fresh funds to grow its natural catastrophe solutions offering and further develop the technology used.

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