Finnish startup ICEYE, which develops synthetic-aperture radar (SAR) sensors and microsatellites to collect earth observation data, has raised $13 million. The funding round was led by Draper Nexus, with participation from True Ventures, Draper Associates, Lifeline Ventures, Space Angels and Finnish Funding Agency for Innovations, Tekes.
ICEYE aims to provide access to earth observation data using its SAR sensors and microsatellites. It claims that SAR technology is superior to existing satellites, because it can provide reliable geodata even in when the Earth is covered in darkness or clouds. According to the startup, its imaging service is available anytime and anywhere around the globe, with a response time of just a few hours, and can help clients to resolve challenges in various industries including maritime, disaster management, and security and intelligence.
ICEYE says it will use the funding to scale-up, manufacturing the company’s SAR technology and launching additional satellites. The company plans to launch the first three microsatellites equipped with SAR sensors over the next 12 months, and deliver earth observation data to customers shortly thereafter.
“Having the support and insight from our investors will not only help ICEYE execute on our vision to democratize access to data worldwide, but it will also allow us to build out brand-new capabilities for our customers and partners,” said Rafal Modrzewski, CEO and co-founder, in a statement. “ICEYE will use this capital infusion to continue growing operations, readying our technology for the next generation of SAR microsatellite constellations.”
Read more: PE Hub (Press release)