Finland-based Iceye, an operator in “synthetic aperture radar (SAR) satellite operations for high-fidelity Earth Observation, persistent monitoring, and natural catastrophe solutions” announced that it has closed a $65 million extension of the company’s earlier growth funding round of $93 million.
The funding round extension included participation from funds managed by Solidium Oy, BlackRock, Seraphim, Plio Limited, and Christo Georgiev.
The firm said: “The financing consists of a mix of debt and equity instruments and will increase investment in further developing Iceye’s leading SAR satellite constellation, its intelligence, surveillance, and reconnaissance (ISR) platform, and related systems.
“The extension brings the total amount raised in 2024 to $158M. In total, Iceye has raised over $500M to date.
“Iceye has achieved considerable growth during the past years and the investment announced today enables Iceye to continue expanding its ISR capabilities to serve a global customer base while further cementing its market-leading position in the new space ecosystem.
Susan Repo, CFO at Iceye, said: “ 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 defense and ISR markets.”
Reima Rytsölä, CEO at Solidium, said: “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.”
Citigroup acted as the exclusive private placement agent to ICEYE.