Finland’s satellite imaging startup ICEYE raises oversubscribed €87M growth funding round

Espoo-based ICEYE, a space tech company, has secured an oversubscribed $93M (approximately €87M) in a growth funding round.

The round was led by Solidium Oy, with participation from Move Capital Fund I, Blackwells Capital, Christo Georgiev, and existing investors.

ICEYE is a company specialising in synthetic aperture radar (SAR) satellite technology used for earth observation, monitoring, and disaster response. This latest funding round follows the company’s Series D round, raising the total capital to $438M.

Funds for the next phase of growth

Susan Repo, CFO at ICEYE, says, “ICEYE has experienced exponential commercial traction over the past few years internationally. This growth investment round fully funds the business plan and sets the company up for a near-term trajectory towards free cash flow breakeven.”

ICEYE claims to have achieved over $100M in revenue by 2023, signalling growth and progress towards profitability.

The latest funds will help the company grow further by focusing on key areas. First, they will continue to expand their Missions business, especially with allied governments interested in using advanced SAR spacecraft for defence and civil purposes. 

Second, ICEYE plans to develop new SAR data products that can quickly detect and track changes on Earth’s surface, no matter the time or weather. 

And finally, the company will invest in their Solutions offering, including products like Flood Insights and Wildfire Insights, as well as future analysis tools for governments and businesses facing various risks.

Rafal Modrzewski, CEO and co-founder of ICEYE says, “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.”

Brief about ICEYE

Founded in 2015 by Pekka Laurila and Rafal Modrzewski, ICEYE claims to operate the world’s largest synthetic aperture radar (SAR) satellite constellation, providing objective, near real-time insights to customers. 

This allows access to actionable data day or night, even in challenging environmental conditions, supporting critical applications like environmental monitoring and disaster response.

ICEYE partners with governments and commercial industries, providing intelligence across sectors including insurance, natural catastrophe response and recovery, security, maritime monitoring, and finance. 

Currently, ICEYE operates from five international locations and boasts over 600 employees.