Iceye announces raising $34M Series B funding led by True Ventures, wants to launch 9 satellites by end of 2019.

Finland Investments 24 May 2018
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Iceye, an Espoo, Finland-based Earth observation company providing synthetic-aperture radar (SAR) data, announced securing $34M Series B funding led by return investor True Ventures.

Other investors present in the round include previous backers Draper Nexus, Draper Associates, Seraphim Capital and Space Angels. The funding round is joined by new Iecye investors OTB Ventures, Tesi, Draper Esprit and Promus Ventures.

The company will use the new capital to expand its custom analytics services for its growing customer base, further develop its SAR satellite technology, as well as fund additional launches of ICEYE SAR satellites.

Iceye, founded in 2015 by Rafal Modrzewski (CEO) and Pekka Laurila, employs new, commercial space technology to provide real-time information services for primarily maritime industry needs. Providing timely imaging data to both governments and commercial entities, Iceye is helping its customers solve some of the world’s toughest challenges in sectors such as the maritime industry, disaster management, insurance, finance, security and intelligence.

Prior to this deal, Iceye has raised a total of $53M, including $16M in venture money and other government financing from Finland and the EU’s Horizon 2020 program.

In January 2018, Iceye successfully completed a historic landmark in aerospace by becoming the first organization in the world to launch a SAR satellite with a launch mass of under 100kg. With darkness or clouds covering two-thirds of the planet at any given time, SAR technology delivers reliable imaging even when optical imaging cannot.

Following the January 2018 launch of ICEYE-X1, Iceye wants to launch two additional satellites in 2017 and aims for a total of 9 upcoming satellite launches by the end of 2019.