ICEYE, a provider of satellite-based disaster management solutions, has closed a $65 million extension of the company’s existing growth funding round of $93 million, announced in April 2024.
This funding round extension – which included participation from funds managed by Solidium Oy, BlackRock, Seraphim, Plio Limited, and Christo Georgiev – brings the amount raised in 2024 to $158 million.
In total, ICEYE has raised over $500 million to date.
ICEYE provides critical geospatial data to the insurance and reinsurance industry, helping them better assess and manage risk, particularly related to natural catastrophes like floods and wildfires.
The latest financing consists of a mix of debt and equity instruments and will increase investment in further developing ICEYE’s leading SAR satellite constellation, its intelligence, surveillance, and reconnaissance (ISR) platform, and related systems.
Susan Repo, CFO at ICEYE, said: “ICEYE has experienced unwavering momentum over the past few years. This extension of our growth funding round further bolsters ICEYE’s investment in its capabilities and enables us to respond even better to the growing demand for space-based technology in the global defense and ISR markets.”
Reima Rytsölä, CEO at Solidium, added: “Extending the growth funding to support ICEYE growth is well in line with our investment strategy.
“Our view is that ICEYE continues to have strong potential to grow to a nationally significant company and foster a completely new technology cluster in Finland.”
Citigroup acted as the exclusive private placement agent to ICEYE.
