ICEYE, a company based in Finland that specializes in synthetic-aperture radar (SAR) technology for earth observation, has raised an impressive $136 million in a Series D funding round led by UK-based investment firm Seraphim Space. This additional fund will further be helpful for the company in the expansion of its spacecraft convoy inside the orbit and developing its products in the natural catastrophe detection area.
With this fundraising, ICEYE has raised an eye-popping amount of $304 million since its inception seven years ago, cementing its position as a leading player in the space industry. According to Pitchbook, the company’s current value is more than $1 billion based on its past growth rate and $320 million in previous fundraising.
Several previous investors, including Molten Ventures, OTB Ventures, True Ventures, C16 Ventures, Space Capital, Chione, Services Group of America, and the U.K.’s National Security Strategic Investment Fund, as well as two ICEYE clients, BAE Systems and Promus Ventures, contributed to the most recent round of funding for the company. As Per Know iceye 136m 304metheringtontechcrunch
ICEYE is a Finnish-based company specializing in synthetic-aperture radar (SAR) technology for earth observation. It was founded in 2014 by Rafal Modrzewski and Pekka Laurila to equilibrate access to earth observation data by making it more accessible, affordable, and timely which later became their mission. Their SAR technology uses radar waves to generate high-resolution images of the earth’s surface that are useful for various purposes ranging from environmental monitoring to maritime surveillance. The biggest asset for ICEYE is that its SAR technology involves miniaturization and automation, which allows the company to produce small yet affordable satellites capable of imaging the planet’s surface with high resolution and accuracy.
To date, ICEYE has 16 satellites in space though they are hoping to launch 10 more this year with the extra funding that they have achieved now. It has further opened offices in Poland, the United Kingdom, the United States and Spain.
Before this funding, ICEYE has achieved many milestones since its inception. The company received its first financial backing of $2.8 million in R&D funding from SME Instrument under EU Horizon 2020 in 2015, alongside $2.8 million in finance from True Ventures with support from Lifeline Ventures and Founder.org. Keen on knowing more about the funding history, below is a list of funds that the company has received: As Per Know iceye 304metheringtontechcrunch
- In 2017, a $13 million in finance total, with Draper Nexus leading an $8.5 million financing round. True Ventures, Lifeline Ventures, Space Angels, and Draper Associates also participated in this $8.5M round. The Finnish Funding Agency for Innovations provided further funding.
- In 2018, previous investors such as True Ventures, Draper Nexus, Draper Associates, Seraphim Capital, and Space Angels contributed money to ICEYE’s $34M Series B fundraising round. It also saw some new ICEYE investors like OTB, Tesi, Draper Esprit, and Promus Ventures. Altogether, ICEYE has received $53M in funding until this period, comprising government financing from Finland and the EU’s Horizon 2020 program.
- In 2020, ICEYE has completed an $87M Series C fundraising round that was larger than anticipated. Return investors True Ventures, OTB Ventures, Finnish Industrial Investment (Tesi), Draper Esprit, DNX Ventures, Seraphim Capital, Promus Ventures, and Space Angels participated in this round. Luxembourg Future Fund and New Space Capital both participate in the investment round. With this, ICEYE has now raised a total amount of $152 million in funding to date.
- In 2022, ICEYE Seraphim Space, a seasoned investor, led the round’s lead sponsor and contributed $136 million to ICEYE. Together with these companies, BAE Systems, Kajima Investments, and Tokio Marine are new strategic investors in ICEYE. Also, the fundraising round included participation from Molten Ventures, OTB Ventures, True Ventures, C16 Ventures, Chione Ltd, Services Group of America, the UK’s National Security Strategic Investment Fund (NSSIF), Space Capital, and Promus Ventures.
In conclusion, ICEYE has established itself as an integral player in the space sector thanks to its cutting-edge synthetic-aperture radar (SAR) technology for earth observation. With a funding of $304 million raised to date, the company is in an illustrious position to continue its growth trajectory and expand its capabilities.
Looking to the future, ICEYE has already established partnerships with various government agencies and commercial customers around the world, and there is no doubt that its innovative solutions will be in high demand. With a focus on making earth observation data accessible to a broader range of users, ICEYE is well-positioned to capitalize on the increasing demand for high-quality and timely satellite data.
Overall, ICEYE’s unique approach to earth observation, including its impressive track record of success and continued growth, makes it a company to watch in the upcoming years.
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