ICEYE raises oversubscribed growth funding round to expand global SAR leadership

Helsinki, Finland — April 17, 2024: ICEYE, the global leader in synthetic aperture radar (SAR) satellite operations for Earth Observation, persistent monitoring, and natural catastrophe solutions, announced today definitive agreement signed for an oversubscribed $93M growth funding round. The financing will further accelerate investment in the world’s largest constellation of 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 $438M.

ICEYE continues to observe significant growth and finished 2023 with over $100M 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. “This backing from the domestic and international investment community shows trust in ICEYE’s vision to improve life on Earth by becoming the global source of truth in Earth Observation. It is with great pride that we align with our newest investors in the pursuit of ICEYE leading the global market in SAR technology and its broad applications.”

Reima Rytsölä, Solidium CEO, added, “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." 

Susan Repo, Chief Financial Officer at ICEYE, shared, “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.

¹Move Capital Fund I is a pan-European Growth Equity fund fostering European B2B tech champions. Building on its proven track record in technology investment, the team brings solid experience in entrepreneurship and operational management of tech companies. Move Capital Fund I is managed by Kepler Cheuvreux Invest, an AMF-registered management company, and is committed to promoting sustainable innovation and excellence in the technology sector.

²Fintech Entrepreneur