ICEYE, a pioneer in satellite-powered disaster management solutions, has concluded a significant funding round, raising $93m in growth capital.
Solidium Oy spearheaded the investment, with support from Move Capital Fund I, Blackwells Capital, Christo Georgiev, and existing investors, bringing ICEYE’s total raised capital to an impressive $438m, according to InsurTech Insights.
The new funding will fuel ICEYE’s ambitious plans to expand its constellation of SAR satellites, which is already the largest in the world. Additionally, the firm aims to enhance its suite of data and subscription products, offering clients access to innovative solutions for disaster preparedness and response.
The success of the round, as it was oversubscribed, indicates strong investor confidence in this vision as well as the company’s capabilities.
Rafal Modrzewski, ICEYE’s CEO and co-Founder, expressed his thoughts on the company’s future, stating, “This backing from the domestic and international investment community shows trust in ICEYE’s vision to improve life on Earth by becoming the global source of truth in Earth Observation. It is with great pride that we align with our newest investors in the pursuit of ICEYE leading the global market in SAR technology and its broad applications.”
With the new funding in place, ICEYE is poised to strengthen its position as a leader in satellite-powered disaster management solutions.
The company will continue to innovate and expand its offerings, driving growth and making significant contributions to global disaster response efforts.
Reima Rytsölä, Solidium CEO, added, “As an investment, ICEYE fits perfectly with our updated strategy. ICEYE is a globally recognised leader in a rapidly growing, high-tech industry with a clear potential to grow into a nationally significant listed company. ICEYE is building unparalleled expertise in the space technology sector and beyond.”
ICEYE specialises in building and operating synthetic-aperture radar (SAR) satellites, which enable high-resolution imaging of the Earth’s surface regardless of weather conditions or time of day. The company’s advanced technology has applications in disaster response, environmental monitoring, and infrastructure management.
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