The investment is intended to accelerate ICEYE’s plans to expand the world’s largest constellation of SAR satellites and enhance its portfolio of innovative data and subscription products.
The funding round, which follows the successful Series D round in February 2022, brings ICEYE’s total raised capital to an impressive $438 million. Finnish sovereign wealth fund Solidium Oy leads the charge in this round, supported by contributions from Move Capital Fund I, Blackwells Capital, Christo Georgiev, and existing investors.
With this strong financial performance, ICEYE aims to leverage its recent funding to fuel its next phase of expansion.
The funding injection will be pivotal in supporting ICEYE’s ongoing growth trajectory, particularly in its Missions business. The company plans to capitalise on robust international momentum, with increasing interest from allied governments for both defence and civil applications enabled by next-generation SAR spacecraft.
Moreover, ICEYE intends to rapidly expand its SAR data offerings to introduce innovative products and enhance its data collection capabilities. These advancements will enable swift detection and frequent monitoring of changes on Earth’s surface, regardless of the time of day or weather conditions.
In addition to bolstering its Missions business, ICEYE is set to accelerate growth within its Solutions offering. This initiative includes significant investment in ICEYE’s Flood Insights and Wildfire Insights products, alongside the development of future peril-based analysis tools tailored for governments and commercial organizations.
With these strategic moves, ICEYE aims to solidify its position as a leading provider of satellite-powered disaster management solutions while tapping into new opportunities for growth and innovation in the global market.
Rafal Modrzewski, ICEYE’s CEO and Co-Founder, expressed appreciation for Solidium’s involvement, highlighting ICEYE’s Finnish heritage and its commitment to advancing its mission with this substantial investment.
He said: “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.”
Reima Rytsölä, Solidium CEO, also commented, saying: “As an investment, ICEYE fits perfectly with our updated strategy. ICEYE is a globally recognised leader in a rapidly growing, high-tech industry with a clear potential to grow into a nationally significant listed company.”
He added:” ICEYE is building unparalleled expertise in the space technology sector and beyond.”
