Iceye, a provider of synthetic aperture radar (SAR) satellite imagery, has added $65 million to its Series E funding round, originally announced in April. This brings the total raised to over $500 million. The extension, announced December 18th, included participation from Solidium Oy (the lead investor in the April round), BlackRock, Seraphim, Plio Limited, and Christo Georgiev.
This new funding, a combination of debt and equity, will support the continued growth of Iceye's SAR satellite constellation, its intelligence, surveillance, and reconnaissance (ISR) platform, and associated systems. “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.
The Helsinki-based company operates a fleet of SAR satellites, offering imagery with resolutions as high as 25 centimeters for various civil and defense applications. They also provide dedicated satellites, primarily to government clients. Recently, Iceye partnered with Space42 (a joint venture of Yahsat and Bayanat) to manufacture SAR satellites in the United Arab Emirates, targeting regional customers including the UAE's own planned SAR constellation.
The funding announcement preceded the launch of two new Iceye satellites on SpaceX's Bandwagon-2 mission on December 21st. 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,” stated Rafal Modrzewski, Iceye's chief executive, following the launch.
With the Bandwagon-2 launch, Iceye has deployed nine SAR satellites in 2024, progressing towards their projected goal of launching up to 15 this year.