SAR data provider ICEYE has raised $136m in Series D funding, which the company says it will use to expand its natural catastrophes solutions.
The firm, which launched its first satellite four years ago has raised $304m in financing since 2015. It claims to operate the world’s largest constellation of SAR satellites and to have launched sixteen satellite missions.
Along with growing its natural catastrophe solutions, ICEYE said it would further develop its leading satellite constellation and technology, while reducing the time to access and increase the visiting frequency of its satellites.
Susan Repo, CFO at ICEYE, said: “This round of funding shows the confidence our new and returning investors have in ICEYE and ensures the company will continue on its path for growth. We are proud of our ability to meet our customers at their point of need, and this financing will help us continue to do exactly that.”
ICEYE’s constellation is designed to provide customers with reliable and frequent imagery enabling the rapid detection and tracking of changes on the Earth’s surface, regardless of time of day, or weather conditions. This capability is ideally suited for applications such as insurance loss adjustment, natural catastrophe response and recovery, national security, humanitarian relief, and climate change monitoring.
This new round of funding follows recent partnerships that ICEYE has formed, with Aon and McKenzie Intelligence Services in November and with Descartes in October.
The company has also been adding personnel in recent months, hiring Andy Read to be its global head of government solutions and Lisa Wardlaw as its global head of insurance solutions.
According to a release from the company, the investors involved in its Series D funding include Seraphim Space, BAE Systems, and Kajima Ventures. In addition, Molten Ventures, OTB Ventures, True Ventures, C16 Ventures, Chione Ltd, Services Group of America, the UK’s National Security Strategic Investment Fund (NSSIF), Space Capital, and Promus Ventures have also participated in the funding round.
Morgan Stanley & Co. LLC served as placement agent for the transaction.
