ICEYE raises EUR 13 million for SAR Microsatellites
Finnish SAR microsatellite company ICEYE has raised an additional 13 million euros towards scaling up operations and the planned launch of three microsatellites equipped with SAR technology in the coming 12 months.
The funding includes an 8.5 million-euro funding round led by Draper Nexus, with participation from True Ventures, Lifeline Ventures, Space Angels, and Draper Associates. Additional funding was provided by the Finnish Funding Agency for Innovation Tekes.
“Having the support and insight from our investors will not only help ICEYE execute on our vision to democratise access to data worldwide, but it will also allow us to build out brand-new capabilities for our customers and partners,” says Rafal Modrzewski, CEO and co-founder, ICEYE.
The funding will be used to manufacture ICEYE‘s SAR technology, and the planned launch of the first three microsatellites equipped with SAR sensors. ICEYE strives to build an imaging service available to customers anytime and anywhere around the globe, with a response time measured in only a few hours.
“ICEYE has a disruptive value proposition of making Earth observation data and insights available at a refresh rate and cost that is orders of magnitude better than any system out there today,” comments Q Motiwala, managing director of Draper Nexus who will be joining ICEYE’s board.