The Aalto University spin-off will use the capital injection to expand its custom analytics services, develop its synthetic-aperture radar (SAR) satellite technology and launch nine additional satellites – including two this year – by the end of 2019.
ICEYE has to date raised a total of 53 million US dollars from not only a wide range of institutional investors but also the Finnish Government and the EU, under its research and innovation funding programme Horizon 2020.
The SAR technology is superior to its optical alternatives in that it is capable of delivering reliable imaging data also during darkness and overcast conditions, which affect two-thirds of the planet at any given time.
ICEYE’s technology is something that was dreamed of for decades but was long deemed impossible to deliver, tells Rohit Sharma, a venture partner at True Ventures and board member at ICEYE.
“We are excited to accelerate our three-year-old partnership with ICEYE and lead their current round of financing as they continue to change the way Earth observation data is gathered, analysed and delivered,” he says.