Insider Brief:
- ICEYE has raised $93 million in its latest growth funding round led by Solidium.
- The oversubscribed financing will support the expansion of the company’s constellation of SAR satellites enhance its range of data and subscription offerings.
- The company’s robust performance in 2023 culminated in over $100 million in revenue.
ICEYE, a leading provider of synthetic aperture radar (SAR) satellite services for Earth Observation, announced it has raised $93 million in its latest growth funding round led by Finnish sovereign wealth fund, Solidium Oy. The funding round also saw participation from Move Capital Fund I, Blackwells Capital, Christo Georgiev, and other existing investors. This oversubscribed financing will fuel the expansion of ICEYE’s already impressive constellation of SAR satellites and enhance its range of data and subscription offerings.
The company’s robust performance in 2023 culminated in over $100 million in revenue. ICEYE Chief Financial Officer, Susan Repo, celebrated the commercial progress and projected a near-term path towards free cash flow breakeven.
With this new investment, ICEYE aims to capitalize on several key areas:
International Expansion
ICEYE’s Missions business is witnessing a surge in interest from allied governments, both for defense and civil applications, leveraging advanced SAR spacecraft.
Innovative Data Products
The funding will facilitate the rapid development of new SAR data solutions, enabling precise detection and tracking of Earth surface changes irrespective of weather conditions or time of day.
Solutions Growth
ICEYE plans to accelerate the growth of its Solutions offering, particularly focusing on Flood Insights and Wildfire Insights products, catering to the needs of governments and commercial entities.
ICEYE’s CEO and Co-Founder, Rafal Modrzewski, expressed gratitude for the support from Solidium, ICEYE’s newest investor and board member, while also discussing the company’s commitment to advancing Earth Observation technology.
Solidium CEO Reima Rytsölä highlighted ICEYE’s strategic fit with their investment strategy, recognizing ICEYE’s potential to become a nationally significant listed company and its role in shaping the future of space technology.
The funding round was facilitated by Citigroup, acting as ICEYE’s exclusive private placement agent.
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