The Series D funding round led by the SpaceTech flag-carrier Seraphim Space was a success for ICEYE. Many came forward to show their interests in investing in the company’s data-driven decisions in the field. Morgan Stanley & Co. LLC was also a participant as placement agent for the business transaction. The start-up now can proceed to the next level for the expansion of its synthetic aperture radar (SAR) and the growth in NatCat’s solutions with the help of the investments.
Chief Financial Officer at ICEYE, Susan Repo remarked “This round of funding shows the confidence our new and returning investors have in ICEYE and ensures the company will continue on its path for growth. We are proud of our ability to meet our customers at their point of need, and this financing will help us continue to do exactly that.”
Up until today, ICEYE has managed to reach $304 million in fundraising events. The current funding will help ICEYE expand its Natural Catastrophe (NatCat) Insights and Solutions offering as well as continue to expand the world’s biggest synthetic aperture radar (SAR) satellite network.
ICEYE’s rapid solutions for Earth Observation data
ICEYE adopts a mission led by the idea of offering better solutions for those seeking reliable Earth Observation data. The company provide services with its unique monitoring capabilities for sectors in any location around the world. To do this, the company now has significant amount of finances from multiple sources such as Molten Ventures, OTB Ventures, True Ventures, BAE Systems and Kajima Ventures, C16 Ventures, Chione Ltd, Services Group of America, the UK’s National Security Strategic Investment Fund (NSSIF), Space Capital and Promus Ventures.
“Our entire ICEYE team has built a solid reputation by delivering concrete results to our customers with unmatched timelines and quality of service,” said Rafal Modrzewski, CEO and Co-founder of ICEYE. “We are proud of that track record, and we intend to build and improve upon it. With this new funding round, we’ll be able to continue expanding our operations and further develop our NatCat solutions which is an important focus area to accelerate our growth.”
Developments in ICEYE’s end
ICEYE’s satellite missions hit the number 16 after its first successful launch four years ago. Their designs offer customers satisfactory results in imagery at any time of a day. With the help of rapid detection, any change on earth can be tracked. The weather conditions do not affect the quality or the performance of the constellations adversely. This might sound good to some business owners since it can be used for climate change monitoring or maybe applications for response and recovery in case of any natural catastrophe.
“ICEYE has gone from strength-to-strength since we first invested in the company in 2017. We’ve watched the company prove the impossible, possible by launching the world’s first miniaturised SAR satellite capable of imaging the planet day and night, to now having grown into being the world’s largest operator of SAR imaging satellites. As the world’s leading specialist investor focused on the New Space ecosystem, we have identified ICEYE as one of the sector’s brightest stars. We anticipate that its global scale persistent monitoring of the planet will have a major impact in helping address some of our most pressing challenges.” said James Bruegger, Chief Investment Officer of Seraphim Space (Manager) LLP.
These contributions may be a huge help for the Finish company in their satellite-imagery adventure. The additional funds can be used to expand ICEYE’s pioneering Natural Catastrophe solutions, satellite constellation and technology. After the possible upgrades, there might be a chance to minimize the time to access and boost satellite visiting frequency. Further investments will unlock the developments in the analytics services with the AI and machine learning which promises the company for global expansion.