Finnish space technology firm Iceye announced on April 17 that it secured $93 million in a recent funding cycle.
Iceye operates a network of small satellites equipped with synthetic aperture radar (SAR) technology, enabling image capture in all weather conditions, day or night. These capabilities are vital for various applications, including maritime surveillance, infrastructure evaluation, and disaster response.
Solidium Oy, a Finnish sovereign wealth fund, led the funding round, with contributions from Move Capital Fund I, Blackwells Capital, Christo Georgiev, and existing investors.
With the new capital infusion, Iceye aims to expand its operations and innovate new products and services. Headquartered in Finland, the company operates across five international locations and boasts a workforce of over 600 professionals.
In California, Iceye has significantly expanded its presence since 2021, establishing a satellite manufacturing facility, research and development lab, and mission operations center for U.S.-licensed spacecraft in Irvine.
This latest funding round follows a Series D round completed in February 2022, bringing Iceye’s total raised capital to $438 million.
Rafal Modrzewski, Iceye’s CEO and co-founder, expressed gratitude for the investment community’s confidence in the company’s vision. Meanwhile, Susan Repo, the CFO, highlighted Iceye’s robust commercial growth globally in recent years. She emphasized that the current investment fully supports Iceye’s business plan and positions the company for a path to near-term free cash flow break-even.
Since 2018, Iceye has deployed 34 spacecraft successfully and plans to launch up to 15 more satellites in 2024, further solidifying its position as a key player in the satellite imaging sector.
