Eye in the sky ICEYE lands $136 million in new funding round

Designer, maker, and operator of the world’s largest synthetic-aperture radar (SAR) constellation, ICEYE, has raised $136 million in a Series D funding round. The new capital will be used to drive the further development of the company’s national catastrophe (NatCat) solutions as well as drive international growth efforts, particularly in its AI and ML analytics services. Since 2015 ICEYE has raised approximately $313 million.

"Our entire ICEYE team has built a solid reputation by delivering concrete results to our customers with unmatched timelines and quality of service. We are proud of that track record, and we intend to build and improve upon it,” commented co-founder and CEO Rafal Modrzewski. “With this new funding round, we’ll be able to continue expanding our operations and further develop our NatCat solutions which is an important focus area to accelerate our growth.”

Designed to provide reliable and frequently updated imagery of the third rock from the sun, regardless of the time of day of cloud cover, ICEYE’s synthetic-aperture radar satellite constellation is used in a myriad of applications ranging from climate change monitoring, and insurance loss adjustment, to natural catastrophe response and recovery, national security, and humanitarian relief.

Just four short years ago, ICEYE placed its first spacecraft in orbit, and since then, has successfully launched 16 satellite missions. Less than a month ago, on the 13th of January of this year, ICEYE launched two SAR satellites from space tech mecca Cape Canaveral, Florida, a milestone in its own right, as these earth orbiters were the first built, licensed, and operated by ICEYE US.

ICEYE’s $136 million Series D funding round was led by Seraphim Space and saw participation from Molten Ventures, OTB Ventures, True Ventures, C16 Ventures, Chione Ltd, Services Group of America, the UK’s National Security Strategic Investment Fund (NSSIF), Space Capital, and Promus Ventures. New investors include BAE Systems and Kajima Ventures.

In conjunction with OTB Ventures, the European Investment Fund (EIF) participated as an investor through the InnovFin For Equity (IFE) programme, which is backed by the European Commission.

“ICEYE has consistently shown that the ambition of achieving real-time earth observation through micro-satellite constellations is safe in its charge. We are impressed with both its commercial traction and its ability to secure contracts that demand the highest level of trust, integrity, and technological prowess. It is an easy decision to continue backing companies like ICEYE, and we look forward together to building a better connected, more intelligent, and ultimately safer world,” concluded Molten Ventures’ Vinoth Jayakumar.