Finnish space tech ICEYE raises $93M in growth funding

ICEYE, a Helsinki-based company which specializes in synthetic aperture radar satellite operations for Earth Observation, has raised $93 million in funding. The investment was led by the Finnish fund Solidium. It will help accelerate the company’s development and expansion.

• Founded in 2015 and led by CEO Rafal Modrzewski, ICEYE owns the world’s largest synthetic aperture radar (SAR) satellite constellation, and provides, near real-time insights, ensuring that customers have access to actionable data, day or night, even in challenging environmental conditions.
• ICEYE delivers intelligence in sectors such as insurance, natural catastrophe response and recovery, security, maritime monitoring, and finance, enabling decision-making that contributes to community resilience and sustainable development. The company is headquartered in Finland and operates from five international locations, having more than 600 employees. The company finished 2023 with over $100 million in revenue.

As a Finnish heritage company headquartered in Finland, we welcome our newest investor and board member, Solidium. This backing from the domestic and international investment community shows trust in ICEYE’s vision to improve life on Earth by becoming the global source of truth in Earth Observation. It is with great pride that we align with our newest investors in the pursuit of ICEYE leading the global market in SAR technology and its broad applications,

Rafal Modrzewski, CEO and co-founder of ICEYE, commented.

• The Finnish sovereign wealth fund, fully owned by the State of Finland, Solidium Oy led the current funding. Move Capital Fund, a pan-European growth equity fund fostering European B2B tech companies, Blackwells Capital, a New York-based alternative investment manager, Christo Georgiev, and other existing investors also participated in the round.

The company intends to use the funds to further accelerate investment in a large constellation of SAR satellites and expand its portfolio of data and subscription products. The round builds on the Series D round in February 2022, bringing the total amount raised to $438 million.

Additionally, in 2022, ICEYE signed a contract with the Serhiy Prytula Charity Foundation, which provided the Government of Ukraine the ICEYE’s Synthetic Aperture Radar (SAR) satellite imaging capabilities. Here is how these satellites helped save Ukrainian lives: