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ICEYE’s Internet of Locations service gets a boost

The ICEYE satellite constellation will be able to provide new images of the same location up to once every hour and is not disrupted by night or clouds. ICEYE

Finnish Earth observation company ICEYE has received a 10 million-euro capital loan from Business Finland for the manufacturing of synthetic-aperture radar (SAR) satellites and launching its Internet of Locations ecosystem.

ICEYE is creating the world’s largest SAR satellite constellation and successfully launched its second SAR satellite, ICEYE-X2, on 3 December.

The satellite network will provide frequent and reliable information about any location on Earth that can be used to help to solve global problems, such as illegal fishing and illegal logging. It is also applicable for commercial use across industries, for example in autonomous shipping or flood insurance-related services.

“By capturing detailed imagery and analysing these data sets, ICEYE is on the cusp of developing a global market through our radar satellite imaging capacity,” said Pekka Laurila, CSO and co-founder of ICEYE. “For a long time, there has been satellite imagery that has been too infrequent, hindered by clouds or largely unusable due to night time. ICEYE’s radar satellite constellation is solving all of these issues.”

The substantial grant from Finnish public organisation Business Finland is part of its so-called Growth Engine, a funding scheme that supports ecosystems aimed at creating new business activities worth over one billion euros in Finland.

ICEYE has been heavily funded since it spun off from Aalto University in 2014, recently closing a 34 million-US dollar funding round from the likes of True Ventures and Draper Network VC.

Good News from Finland is published by Finnfacts, which is part of Business Finland.

Published on 17.12.2018