This brings the total raised, in 2024 alone, to $158 million. Since its founding, in 2014 as a spinoff from Aalto University, Iceye has raised over $500 million.
The company says the money will help address growing demand for space-based technology in defense and ISR (intelligence, surveillance & reconnaissance) markets.It will develop its SAR satellite constellation and its ISR platform.
The funding round extension included participation from funds managed by Solidium Oy, which is a Finnish state-owned investment company. BlackRock, Seraphim, Plio Limited, and Christo Georgiev were also involved.
SAR imagery
The company said the funding indicated “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,” said Susan Repo, CFO at Iceye.
For its part, Solidium highlighted the benefits for Finland’s wider tech economy.
“Extending the growth funding to support Iceye growth is well in line with our investment strategy,” said Reima Rytsölä, CEO at Solidium. “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.”
Citigroup acted as the agent to Iceye for the funding round.
Image: Iceye
See also: Iceye, Space42 jv to bring satellite manufacturing to UAE
