Iceye secures $13M in additional investment funding to develop SAR microsatellite constellation

Finland Investments 23 August 2017
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Iceye, an Espoo, FInland-based company developing SAR sensors and microsatellites, announced closing a new investment round totalling $13M. The money comes from Draper Nexus, which contributed with $8.5M, True Ventures, Lifeline Ventures, Space Angels, Draper Associates and Tekes.

Iceye has secured a total of $18.7M in financing, including investments from the European Union’s Horizon 2020 Research and Innovation Program, and a $2.8M investment round closed in November 2015.

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. 

The company will use the funding to scale up operations, including manufacturing of the company’s SAR technology built from off-the-shelf components, and launch additional satellites. Iceye plans to launch the first three microsatellites equipped with SAR sensors in 2018, delivering Earth observation data to select customers shortly thereafter.