The Microsatellite Manufacturer, ICEYE raised $136M for the Expansion of the World’s Largest SAR Satellite Constellation.

ICEYE is a Finland-based satellite imagery startup that delivers unmatched relentless monitoring capabilities for any location on earth. This 2014-founded company is known as the owner of the largest Synthetic Aperture Radar(SAR) constellation in the entire world.

It works to enable data-driven decisions and objectives, for its clients and customers in several sectors including security, insurance, natural catastrophe(NatCat) response and recovery, maritime monitoring, and finance. 

The data of ICEYE can be collected, irrespective of the weather condition, day or night. 

ICEYE Overview

This satellite imagery company was originally founded in Helsinki, Finland by Rafal Modrzewski and Pekka Laurila and now the company has included a US subsidiary in its footprints, which has also started to operate its own manufacturing facilities. 

Now, the company has announced that it has raised a new funding round of $136 million for series D and was quite serious about it. This made the total raised by ICEYE since its inception $304 million. 

The company has launched 16 successful satellites in space, in 4 years and become the largest constellation of SAR satellites in the globe. 

This new round was led by ICEYE’s long-existing investor, Seraphim Space. New investors also joined this round D including BAE System and Kajima Ventures. 

The list of other important investors includes True Ventures, C16 Ventures, Chione Ltd, Services Group of America, Molten Venture, OTB Ventures, NSSIF, Space Capital, and Promos Ventures. 

The CEO and co-founder of ICEYE, Rafal Modrzewski said that the solid reputation of ICEYE company has been built by the entire team of ICEYE by the means of delivering concrete results to their customers with quality services and unmatched timelines.

The Chief Financial officer at ICEYE, Susan Repo said that this fresh round has demonstrated the confidence of their new and returning investors in ICEYE and it also ensures the continued growth and development of the company. 

He further added that they are extremely proud of their ability to help their customers when they need them, and further said that this financing round of series D will help them in continuing their services. 

The Finnish microsatellite manufacturer, ICEYE aims to use raw capital in the development and growth of their innovative offerings of NatCat solutions along with the further development of their leading satellite constellation and technology. They are also dedicated to reducing the access time and increasing the frequency of visiting their satellites. 

And their vision is to grow their services globally which includes machine learning and artificial intelligence. 

Rafal Modrzewski said that they are very proud of their track record and intend to further build it up and improve it in an advanced way. With this new funding round, he aims to continue the company’s operational expansion and the development of Natural Catastrophe solutions and referred to it as an important focus area for their growth acceleration. 

The lead investor to ICEYE’s series D funding round, Seraphim Space is the venture capital that is dedicated to investing in companies, dealing with space ecosystems. 

The Chief Investment Officer of Seraphim Space, James Bruegger said that they have identified ICEYE as the brightest star in the sector of the New Space Ecosystem. 

Conclusion

The Finnish microsatellite manufacturer, ICEYE has raised another funding round of series D with $136 million in the capital which has made the total raised by the satellite imagery company $304 million. Seraphim Space led this round with the involvement of new investors including BAE System and Kajima Ventures and many other additional backers like  Molten Venture, OTB Ventures, NSSIF, etc. the company aims to deploy fresh capital in expansion and advancement of their services, globally. They are also dedicated to reducing the access time and increasing the frequency of visiting their satellites.