Finnish synthetic aperture radar satellite operator ICEYE has signed for an oversubscribed $93M growth funding round. The financing will further accelerate investment in the world’s largest constellation of SAR satellites and expand the company’s portfolio of innovative data and subscription products. The round builds on the success of the Series D round in February 2022, bringing the total amount raised to $438M.

ICEYE continues to observe significant growth and finished 2023 with over $100M in revenue on the company’s road to profitability.

“As a Finnish heritage company headquartered in Finland, we welcome our newest investor and board member, Solidium,” commented Rafal Modrzewski, CEO and Co-Founder of ICEYE. “This backing from the domestic and international investment community shows trust in ICEYE’s vision to improve life on Earth by becoming the global source of truth in Earth Observation. It is with great pride that we align with our newest investors in the pursuit of ICEYE leading the global market in SAR technology and its broad applications.”
Reima Rytsölä, Solidium CEO, added, “As an investment, ICEYE fits perfectly with our updated strategy. ICEYE is a globally recognized leader in a rapidly growing, high-tech industry with a clear potential to grow into a nationally significant listed company. ICEYE is building unparalleled expertise in the space technology sector and beyond.”

Susan Repo, Chief Financial Officer at ICEYE, shared, “ICEYE has experienced exponential commercial traction over the past few years internationally. This growth investment round fully funds the business plan and sets the company up for a near-term trajectory towards free cash flow breakeven.”

Citigroup acted as the exclusive private placement agent to ICEYE.
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