Finnish Earth observation company ICEYE announced on 18th December that it had extended its growth funding round, securing an additional $65 million (€61,98 million). The company has now raised over $500 million since its founding.
Founded in 2014, ICEYE is a leading supplier of synthetic aperture radar (SAR) satellite imagery and data services. With the world’s largest fleet of SAR satellites, the company delivers high-resolution, real-time Earth observation capabilities regardless of weather or lighting conditions.
On 17th April, ICEYE announced that it had closed a $93 million growth funding round. Earlier today, the company revealed that it had extended this round by securing an additional $65 million, bringing the total amount up to $158 million. The new tranche of the funding round included participation from funds managed by Solidium Oy, BlackRock, Seraphim, Plio Limited, and Christo Georgiev. According to ICEYE, the funding is made up of a mix of debt and equity instruments.
“This extension of our growth funding round further bolsters ICEYE’s investment in its capabilities and enables us to respond even better to the growing demand for space-based technology in the global defense and ISR markets,” said ICEYE CFO Susan Repo.
According to an 18th December press release, the company plans to utilize the new funding to further develop its SAR satellite constellation and its intelligence, surveillance, and reconnaissance (ISR) platform.
ICEYE had anticipated adding 13 satellites to its SAR constellation in 2024. However, the company achieved just over half that target, launching three satellites aboard a Falcon 9 in March and another four aboard a Falcon 9 in August. The ICEYE SAR constellation currently consists of 38 satellites. According to an August 2024 press release, the company plans to add 10 to 15 new satellites per year from 2025 onward.
