Iceye, a Helsinki, Finland-based SAR data provider, closed an $87M Series C funding.
The round was led by return investor True Ventures, with a substantial investment contribution from OTB Ventures, Luxembourg Future Fund (LFF), Finnish Industry Investment (Tesi), Draper Esprit, DNX, Draper Associates, Seraphim Space, Promus Ventures and Space Angels. The funding round is joined by New Space Capital. The European Investment Bank (EIB) has participated both as advisor to Luxembourg Future Fund and as investor through its financing mechanism InnovFin For Equity (IFE). Further, a significant portion of Tesi’s investment is part of the EFSI investment program set up between Tesi and the European Investment Bank.
The company, which has raised a total of $152M in financing to date, intends to use the funds to accelerate the size of its SAR satellite constellation in the coming years, increasing data availability for all continents through 24/7 customer operations, continuing development of radar imaging capabilities and for establishing spacecraft manufacturing in the US.
Led by Rafal Modrzewski, CEO and Co-founder, Iceye designs, manufactures and operates SAR satellites in-house to provide commercial radar satellite imaging worldwide for customers to respond to oil spills, hurricanes, deforestation and many more use cases. The company has so far launched 5 satellite missions, starting in January 2018. Iceye is launching 4 additional SAR satellites still this year and is on course to launch an additional 8 in 2021.
FinSMEs
02/10/2020