This company received $13M in new funding to scale up operations, including manufacturing of the company’s SAR technology built from off-the-shelf components, and launch additional satellites.
The company, ICEYE, provides synthetic-aperture radar (SAR) technology for microsatellites providing expanded access to reliable and timely Earth observation data.
Additional funding includes an $8.5M financing round led by Draper Nexus. ICEYE plans to launch the first three microsatellites equipped with SAR sensors over the next 12 months, delivering Earth observation data to select customers shortly thereafter.
The commercial Earth observation data that ICEYE provides, underpins value-added services in various avenues and can be used across different industries to track changes around the world at any time. ICEYE’s SAR microsatellites can be used in the maritime industry to follow port traffic, in the oil industry to detect oil spills or by the government to monitor illegal logging, as well as fast disaster relief.
This $8.5M round also included participation from True Ventures, Lifeline Ventures, Space Angels, and Draper Associates. Additional funding was received from Finnish Funding Agency for Innovations, Tekes. Since starting its operations in 2015, ICEYE has secured a total of $18.7M in financing, including investments from the European Union’s Horizon 2020 Research and Innovation Program.
Rafal Modrzewski, CEO and co-founder, ICEYE Oy said that having the support and insight from their investors will not only help ICEYE execute on their vision to democratize access to data worldwide, but it will also allow them to build out brand-new capabilities for their customers and partners. He continued that ICEYE will use this capital infusion to continue growing operations, readying their technology for the next generation of SAR microsatellite constellations.
With darkness or clouds covering two-thirds of the planet at any given time, SAR technology delivers reliable imaging where optical imaging cannot. Finland-based ICEYE has developed a unique SAR sensor to offer imaging services anywhere around the globe, anytime, with response times measured in a few hours from acquisition. By enabling economically viable microsatellite constellations, ICEYE’s goal is to expand access to SAR data at a cost and time efficiency that has never before been available to commercial and government entities.
Q Motiwala, managing director of Draper Nexus added that ICEYE has a disruptive value proposition of making Earth observation data and insights available at a refresh rate and cost that is orders of magnitude better than any system out there today. Rafal and his team are unleashing efficiency and innovation across wide sectors of our economy - insurance, construction and transportation to name a few who will be joining ICEYE’s board. They are excited to partner with this incredible, passionate team that is bringing this game-changing technology to market.