Finnish startup ICEYE announces $13M in new funding

ICEYE, a Finnish radar imaging startup, has raised $13 million in new funding, including an $8.5M financing round led by Draper Nexus. This round also included participation from True Ventures, Lifeline Ventures, Space Angels, and Draper Associates. Additional funding was received from Finnish Funding Agency for Innovations, Tekes. The startup will use the latest funding to scale up operations, including manufacturing of the company’s SAR technology built from off-the-shelf components, and launch additional satellites. It plans to launch the first three microsatellites equipped with SAR sensors over the next 12 months, delivering Earth observation data to select customers shortly thereafter.

“Having the support and insight from our investors will not only help ICEYE execute on our vision to democratize access to data worldwide, but it will also allow us to build out brand-new capabilities for our customers and partners,” said Rafal Modrzewski, CEO and Co-founder, ICEYE.

“ICEYE will use this capital infusion to continue growing operations, readying our technology for the next generation of SAR microsatellite constellations,” Modrzewski added. ICEYE deals with synthetic-aperture radar (SAR) technology for microsatellites, providing expanded access to reliable and timely Earth observation data. With darkness or clouds covering two-thirds of the planet at any given time, SAR technology delivers reliable imaging where optical imaging cannot. The startup has developed a unique SAR sensor to offer imaging services anywhere around the globe, anytime, with response times measured in a few hours from acquisition. By enabling economically viable microsatellite constellations, ICEYE’s goal is to expand access to SAR data at a cost and time efficiency that has never before been available to commercial and government entities.

“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. Rafal and his team are unleashing efficiency and innovation across wide sectors of our economy – insurance, construction and transportation to name a few,” said Q Motiwala, Managing Director, Draper Nexus who will be joining ICEYE’s board.

Since starting its operations in 2015, ICEYE has secured a total of $18.7 million in financing, including investments from the European Union’s Horizon 2020 Research and Innovation Program.