ICEYE, the global provider of satellite-powered disaster management solutions, has signed a definitive agreement for an oversubscribed $93 million growth funding round, led by Solidium Oy.
The firm aims to use the funds raised to further accelerate investment in “the world’s largest constellation of SAR satellites and expand the company’s portfolio of innovative data and subscription products.”
This round builds on the success of the Series D round in February 2022, bringing the total amount raised to $438 million.
Finnish sovereign wealth fund, Solidium Oy, leads the round, with participation from Move Capital Fund I, Blackwells Capital, Christo Georgiev, and existing investors.
Rafal Modrzewski, CEO and Co-Founder of ICEYE, commented: “As a Finnish heritage company headquartered in Finland, we welcome our newest investor and board member, Solidium.
“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.”
Reima Rytsölä, Solidium CEO, added: “As an investment, ICEYE fits perfectly with our updated strategy. ICEYE is a globally recognized 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 continues to observe significant growth, the firm highlighted, finishing 2023 with over $100 million in revenue.
The funding will support the next phase of growth as the company continues to capitalise on strong international momentum in its Missions business with continued growing interest from allied governments for both defence and civil use cases enabled by next-generation SAR spacecraft.
As well as with the rapid expansion of future SAR data offerings to deliver innovative products and reliable data collection capabilities. These enable the rapid detection and frequent tracking of changes on the Earth’s surface, regardless of the time of day or weather conditions.
Finally, ICEYE also plans to capitalise on the Fast-tracked growth within the company’s Solutions offering. Which enables significant investment in ICEYE’s Flood Insights and Wildfire Insights products, as well as future peril-based analysis for governments and commercial organisations.
Susan Repo, Chief Financial Officer at ICEYE, said: “ICEYE has experienced exponential commercial traction over the past few years internationally. This growth investment round fully funds the business plan and sets the company up for a near-term trajectory towards free cash flow breakeven.”
