ICEYE, a Finnish SAR satellite company, recently secured an oversubscribed $93M growth funding round led by Solidium Oy, with participation from Move Capital Fund I, Blackwells Capital, Christo Georgiev, and existing investors. ICEYE specializes in SAR satellite operations for Earth Observation, offering persistent monitoring and natural catastrophe solutions. The funding will accelerate investment in ICEYE’s SAR satellite constellation, expand its data and subscription products, and support its growth in international markets. The company aims to capitalize on its strong international momentum, with over $100M in revenue in 2023, to become the global leader in SAR technology and its applications.
ICEYE is a Finnish company specializing in synthetic aperture radar (SAR) satellite operations for Earth Observation. The company aims to provide persistent monitoring capabilities to detect and respond to changes in any location on Earth faster and more accurately than ever before. ICEYE’s technology allows for near real-time insights, ensuring customers have access to actionable data day or night, even in challenging environmental conditions. ICEYE serves as a trusted partner to governments and commercial industries, delivering intelligence in sectors such as insurance, natural catastrophe response and recovery, security, maritime monitoring, and finance. The company is headquartered in Finland and operates from five international locations.
The latest funding round, following the successful Series D round in February 2022, has brought the total raised amount to $438 million. The company ended 2023 with revenue exceeding $100 million, signaling a path to profitability. This new funding will drive ICEYE’s growth by capitalizing on several key areas. Firstly, there’s a strong international demand for its Missions business, especially from allied governments, for both defense and civil applications, supported by next-gen SAR satellites. Secondly, ICEYE plans to expand its SAR data offerings to deliver innovative products and reliable data collection capabilities, enabling rapid detection and tracking of Earth’s surface changes regardless of environmental conditions. Lastly, ICEYE aims to accelerate growth in its Solutions offering, particularly in products like Flood Insights and Wildfire Insights, along with future peril-based analyses for governments and commercial entities.
“As a Finnish heritage company headquartered in Finland, we welcome our newest investor and board member, Solidium” commented Rafal Modrzewski, CEO and Co-Founder of ICEYE. “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, added, “As an investment, ICEYE fits perfectly with our updated strategy. ICEYE is a globally recognized leader in a rapidly growing, high-tech industry with a clear potential to grow into a nationally significant listed company. ICEYE is building unparalleled expertise in the space technology sector and beyond.”
Susan Repo, Chief Financial Officer at ICEYE, shared, “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.”
Citigroup acted as the exclusive private placement agent to ICEYE.
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