A network of artificial aperture radar (SAR) imaging satellites is managed by Iceye.

WASHINGTON- Iceye, a Finnish satellite firm, revealed on April 17 that it had raised $93 million in a fresh investment round.

Synthetic aperture radar (SAR) tiny satellites, which are operated by Iceye, are capable of capturing imagery in any weather conditions and at any time of day. This makes them useful for a variety of applications, such as disaster relief, infrastructure evaluation, and maritime surveillance.

The round was sponsored by Solidium Oy, a Finnish sovereign wealth fund, and included participation from Move Capital Fund I, Blackwells Capital, Christo Georgiev, and current investors.

According to Iceye, the company intends to use the money to grow and create new goods and services. Operating from five foreign locations, the corporation has its headquarters located in Finland. Over 600 people work for it.

United States activities in California

Ever since opening a satellite manufacturing facility, research and development lab, and mission operations center in Irvine, California in 2021 for spacecraft licensed in the United States, the firm has expanded its presence in the country.

The capital raised so far has totaled $438 million, with the next investment round coming after a Series D financing in February 2022.

The chief executive and co-founder of the company, Rafal Modrzewski, stated, “This backing from the domestic and international investment community shows trust in his vision.”

CEO of finance Susan Repo stated that Iceye “has experienced exponential commercial traction over the past few years internationally.” The company is positioned for a short-term trajectory towards free cash flow break-even with this expansion investment round, which fully covers the business plan.

Iceye claims to have successfully launched 34 spacecraft since 2018.

With up to 15 satellites scheduled for launch in 2024

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