Iceye, a leader in synthetic aperture radar (SAR) satellite imaging, announced recently that it has secured an additional 500 million.
This extension follows an initial $93 million raised in April, led by Solidium Oy, the Finnish sovereign wealth fund. Other contributors to the extension include BlackRock, Seraphim, Plio Limited, and fintech entrepreneur Christo Georgiev.
The funding, a mix of debt and equity, will be used to expand Iceye’s SAR satellite constellation and its intelligence, surveillance, and reconnaissance (ISR) platform. “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,” said Susan Repo, Iceye’s chief financial officer.
Iceye operates a constellation of SAR satellites, providing high-resolution imagery for civil and defense applications. The company also offers dedicated satellites for government clients. On Dec. 9, Iceye announced a partnership with Space42, an Emirati company formed by the merger of Yahsat and Bayanat, to produce SAR satellites in the United Arab Emirates for regional customers, including the UAE’s planned SAR constellation.
The funding announcement came just before the Dec. 21 launch of two new Iceye satellites on SpaceX’s Bandwagon-2 rideshare mission. These satellites will operate in mid-inclination orbits, improving revisit times for mid-latitude regions. “We bolster our industry-leading SAR constellation and expand our customers’ collection opportunities in the areas most important to them,” said Rafal Modrzewski, Iceye’s chief executive, about the new satellites.
With the Bandwagon-2 mission, Iceye has launched nine SAR satellites in 2024, with plans to launch up to 15 by the end of the year.