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Catastrophe Monitoring Firm ICEYE Completes $93 Million Funding Round

ICEYE, the microsatellite manufacturer and catastrophe monitoring company, announced definitive agreement signed for an oversubscribed $93 million growth funding round.

The financing will further accelerate investment in the world’s largest constellation of synthetic aperture radar (SAR) satellites and expand the company’s portfolio of innovative data and subscription products.

The round builds on the success of the Series D round in February 2022, bringing the total amount raised to $438 million.

Finnish sovereign wealth fund, Solidium Oy, leads the round, with participation from Move Capital Fund I (a pan-European growth equity fund that supports B2B tech companies); Blackwells Capital (the alternative investment manager); fintech entrepreneur Christo Georgiev, and existing investors.

Piercing Through Rain, Smoke and Fog: How Radar Satellites See Catastrophes

ICEYE continues to see significant growth and finished 2023 with more than $100 million in revenue on the company’s road to profitability. This funding will support the next phase of growth as the company continues to capitalize on:

• Strong international momentum in its Missions business with continued growing interest from allied governments for both defense and civil use cases enabled by next-generation SAR spacecraft,
• Rapid expansion of future SAR data offerings to deliver innovative products and reliable data collection capabilities that enable the rapid detection and frequent tracking of changes on the Earth’s surface, regardless of the time of day or weather conditions,
• Fast-tracked growth within the company’s Solutions offering, enabling significant investment in ICEYE’s Flood Insights and Wildfire Insights products, as well as future peril-based analysis for governments and commercial organizations.

“As a Finnish heritage company headquartered in Finland, we welcome our newest investor and board member, Solidium,” commented Rafal Modrzewski, CEO and co-founder of ICEYE.

“As an investment, ICEYE fits perfectly with our updated strategy. ICEYE is a globally recognized leader in a rapidly growing, high-tech industry with a clear potential to grow into a nationally significant listed company. ICEYE is building unparalleled expertise in the space technology sector and beyond,” according to Reima Rytsölä, CEO of Solidium, which led the funding round.

Susan Repo, chief financial officer at ICEYE, said: “ICEYE has experienced exponential commercial traction over the past few years internationally. This growth investment round fully funds the business plan and sets the company up for a near-term trajectory towards free cash flow breakeven.”

Citigroup acted as the exclusive private placement agent to ICEYE.

ICEYE is headquartered in Finland and operates from five international locations, with more than 600 employees.

Source: ICEYE