As a leader in synthetic aperture radar (SAR) satellite operations for Earth observation, continuous monitoring, and disaster relief, ICEYE announced today that a final agreement for an oversubscribed $93 million growth investment round has been reached. The funding will broaden the company’s offering of cutting-edge data and subscription products and expedited investment in the largest network of SAR satellites in the world. Building on the success of the February 2022 Series D round, the round raises a total of $438 million.
Rafal Modrzewski, CEO and co-founder of ICEYE, said, “As a Finnish heritage company with our headquarters in Finland, we welcome our newest investor and board member, Solidium.” “ICEYE’s vision to become the global source of truth in Earth observation and improve life on Earth is supported by the domestic and international investment community, demonstrating their trust in the organization. We are really proud to be working together with our most recent investors to make ICEYE the market leader in SAR technology and its wide range of applications worldwide.”
The CEO of Solidium, Reima Rytsölä, continued, “ICEYE is an excellent investment that aligns well with our revised approach. In the quickly expanding high-tech sector, ICEYE is a well-known leader with the potential to become a prominent listed business in the country. Unmatched competence in the field of space technology and beyond is being built by ICEYE.”
“ICEYE has experienced exponential commercial traction over the past few years internationally,” said Susan Repo, Chief Financial Officer of ICEYE. The business plan is fully funded by this growth investment round, which also positions the company for a short-term trajectory towards free cash flow breakeven.
