Finnish Earth observation data provider and Synthetic Aperture Radar (SAR) satellite manufacturer ICEYE has closed a new funding round, securing €150 million.
Founded in 2014, ICEYE operates the world’s largest SAR satellite constellation, providing near-real-time insights day or night and in all weather conditions. It manufactures its satellites in-house, delivering spacecraft for its own Earth observation constellation and as a turnkey SAR solution.
On 5 December, ICEYE announced that it had closed a €150 million Series E funding round led by the US-based venture capital firm General Catalyst. In a statement accompanying the announcement, CEO Rafal Modrzewski explained that the funding would be used to expand its SAR satellite constellation and introduce next-generation sensing capabilities.
“Our team has a strong track record of turning advanced SAR technology into concrete results for customers who need answers in minutes, not days,” said Modrzewski. “This funding enables us to deepen that commitment by investing in the expansion of our world-leading SAR constellation, next-generation sensing capabilities, and data intelligence services that help governments and organizations manage risk and respond faster.”
A significant element of the company’s push to expand its satellite constellation is the accelerated introduction of its Gen4 SAR satellites, which are expected to offer resolution of up to 16 centimetres and extended coverage up to 400 kilometres.
“This new generation will empower customers with enhanced situational awareness, faster decision-making capabilities, and improved mission outcomes,” an ICEYE statement explained following the launch of the first Gen4 satellite in March. “Detection and classification of vessels, vehicles, or aircraft will be much easier, which is key in demanding defense and intelligence environments.”
Since the launch of the first Gen4 satellite aboard SpaceX’s Falcon 9 Transporter-13 mission, the company has added two more Gen4 satellites to its constellation, one on Transporter-14 and another on Transporter-15.
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