Iceye to raise $87M Series C funding, led by the return investor True Ventures, and including contribution from OTB Ventures.

Finland United Kingdom Luxembourg United States Investments 22 September 2020
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Iceye, an Espoo, Finland-based SAR (Synthetic-Aperture Radar) data provider, announced the completion of a $87 million series C investment round.

The money was raised from existing investors led by True Ventures, and including contributions from OTB Ventures, Luxembourg Future Fund (LFF), Finnish Industry Investment (Tesi), Draper Esprit, DNX, Draper Associates, Seraphim Space, Promus Ventures and Space Angels. The funding round is joined by New Space Capital.

The European Investment Bank (EIB) has participated both as advisor to Luxembourg Future Fund and as investor through its financing mechanism InnovFin For Equity (IFE). Further, a significant portion of Tesi's investment is part of the EFSI investment program set up between Tesi and the European Investment Bank.

Proceeds will be used to accelerate the size of its SAR satellite constellation in the coming years, increasing data availability for all continents through 24/7 customer operations, continuing development of ground-breaking radar imaging capabilities and for establishing spacecraft manufacturing in the US.

Iceye, founded in 2015 by Rafal Modrzewski (CEO) and Pekka Laurila, designs, manufactures and operates its SAR satellites in-house, with manufacturing timelines brought down to months for its spacecraft. The company provides real-time information services for primarily maritime industry needs, as well as serving timely imaging data to both governments and commercial entities,

Iceye has so far successfully launched 5 satellite missions, starting with the first ever small SAR satellite launched in January 2018. The company is expecting to launch 4 additional SAR satellites in 2020 and is on course to launch an additional 8 in 2021.

Prior to this round, Iceye raised almost $70M in equity and grants from the Finnish government and the EU’s Horizon 2020 program.