Aidan Daly
ICEYE, an Earth observation company known for its synthetic aperture radar, or SAR, satellite operations, announced extending an earlier growth funding round and securing an additional $65 million from Solidium Oy-managed funds, BlackRock, Seraphim and other investors.
In a Wednesday press release, Susan Repo, chief financial officer at ICEYE, said, “ICEYE has experienced unwavering momentum over the past few years. 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.”
The fresh funds, a combination of debt and equity instruments, will enable ICEYE to increase investment and further develop its SAR satellite constellation and intelligence, surveillance, and reconnaissance platform plus related systems.
“Extending the growth funding to support ICEYE growth is well in line with our investment strategy. Our view is that ICEYE continues to have strong potential to grow to a nationally significant company and foster a completely new technology cluster in Finland,” said Reima Rytsola, CEO at Solidium.
ICEYE has raised $158 million thus far in 2024 and after the extended round. Also, the New Space technology company has obtained more than $500 million in funding since its formation in 2014.
