Finnish technology company ICEYE has secured $65m in an extension to its growth funding round to bolster its natural catastrophe solutions.
The funding round, which utilised a mix of debt and equity financing, saw participation from Solidium Oy, BlackRock, Seraphim, Plio Limited, and Christo Georgiev. This latest injection brings ICEYE’s total fundraising in 2024 to $158m, according to the Coverager.
Founded in 2014, ICEYE specialises in SAR satellite technology, offering high-resolution Earth observation data and near real-time insights to insurance clients such as Swiss Re, Juniper Re, and Insurity.
Its services play a pivotal role in risk assessment, disaster management, and insurance solutions.
The new funding will be directed towards expanding ICEYE’s SAR satellite constellation and its intelligence, surveillance, and reconnaissance (ISR) systems.
These developments aim to enhance the company’s capabilities in Earth observation and natural catastrophe solutions, addressing growing demand in global defence and ISR markets.
Since its inception, ICEYE has raised over $500m in funding. Its innovative technology has positioned the company as a leader in space-based solutions for monitoring and disaster response.
“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 defence and ISR markets,” ICEYE CFO Susan Repo said.
Reima Rytsölä, CEO of Solidium, added, “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.”
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