ICEYE, an Earth observation company providing synthetic-aperture radar (SAR) data, has secured EUR29 million in a Series B funding led by return investor True Ventures, and supported by Draper Network VC funds and others.
Building on ICEYE’s recent aerospace industry achievements, the Finland-based SAR data company will use the new capital to expand its custom analytics services for its growing customer base, further develop its SAR satellite technology, as well as fund additional launches of ICEYE SAR satellites.
ICEYE’s Series B funding round includes financial backing from previous investors True Ventures, Draper Nexus, Draper Associates, Seraphim Capital and Space Angels Network. The funding round is joined by new ICEYE investors OTB, Tesi, Draper Esprit and Promus Ventures. To date, ICEYE has raised a total of USD53m, including government financing from Finland and the EU’s Horizon 2020 program.
“This funding secures our goal of deploying the world’s largest SAR satellite constellation before the end of next year,” says Rafal Modrzewski, CEO and Co-founder, ICEYE. “I’m most excited for our customers, who can now start to make their plans a reality.”
In January, ICEYE successfully completed a historic landmark in aerospace by becoming the first organisation in the world to launch a SAR satellite with a launch mass of under 100kg. With darkness or clouds covering two-thirds of the planet at any given time, SAR technology delivers reliable imaging even when optical imaging cannot. Providing timely imaging data to both governments and commercial entities, ICEYE is helping its customers solve some of the world’s toughest challenges in sectors such as the maritime industry, disaster management, insurance, finance, security and intelligence.
“ICEYE is developing and deploying SAR satellite technology that has been dreamed about for decades, but which was thought to be impossible to deliver,” says Rohit Sharma, venture partner at True Ventures and ICEYE board member. “We are excited to accelerate our three-year-old partnership with ICEYE and lead their current round of financing as they continue to change the way Earth observation data is gathered, analysed, and delivered.”
Following the January 2018 launch of ICEYE-X1, ICEYE is launching two additional satellites this year. ICEYE is aiming for a total of 9 upcoming satellite launches by the end of 2019 and is actively seeking out launch operators to continue the company’s rapid acceleration towards the future.
Jussi Sainiemi, Investment Director at Tesi, says: “ICEYE’s technology enables high-grade and cost-efficient satellite imagery. It opens up new opportunities for innovative data usage never before viable with conventional satellite technology. The company has succeeded in attracting exceptionally high-profile talent as both owners and advisers. That in turn adds credibility to successful implementation of the company’s plans. We are very happy to be a part of ICEYE’s story.”
