ICEYE raises new fund to develop SAR microsatellite constellation
Finland-based ICEYE has raised additional funding in a new investment round to support the development of its synthetic-aperture radar (SAR) microsatellite constellation.
The new $13m investment also includes an $8.5m financing round led by Draper Nexus.
The round has seen participation from True Ventures, Lifeline Ventures, Space Angels and Draper Associates.
Finland’s Funding Agency for Innovations, Tekes, has also provided additional financing for the project.
Since its inception in 2015, ICEYE has received a total of $18.7m, including investments from the European Union’s Horizon 2020 Research and Innovation Programme.
ICEYE is planning to spend the newly raised funding to enhance operations such as the manufacture of its SAR technology from innovative components and launch additional satellites.
The company is expecting to launch its first three microsatellites featuring SAR sensors over the next 12 months with an aim to deliver Earth observation data to select customers.
ICEYE CEO and co-founder Rafal Modrzewski said: “Having the support and insight from our investors will not only help ICEYE execute on our vision to democratise access to data worldwide, but it will also allow us to build out brand-new capabilities for our customers and partners.
“ICEYE will use this capital infusion to continue growing operations, readying our technology for the next generation of SAR microsatellite constellations.”
The company has already developed SAR sensor to provide improved imaging services worldwide.
SAR technology is also capable of delivering more reliable imaging than optical imaging.
With the SAR microsatellite constellation, ICEYE seeks to provide SAR data at a reduced price and time to commercial and government entities.
Following their launch, ICEYE’s SAR microsatellites will be able to help the maritime and oil industries, as well as other sectors.
Image: An ICEYE render of the first SAR microsatellite deployed in orbit. Photo: courtesy of ICEYE.