This investment will propel the expansion of the world's largest SAR satellite constellation and enhance the company's array of innovative data and subscription products. Following the success of the Series D round in February 2022, this funding increases the total capital raised to $438 million.

ICEYE witnessed substantial growth, concluding 2023 with over $100 million in revenue as it advances towards profitability. The new funds will bolster the company's growth across several key areas:

The Missions business is gaining strong international traction, with growing interest from allied governments in both defence and civil applications, powered by next-generation SAR spacecraft.

The company is set to rapidly expand its SAR data offerings, delivering innovative products and reliable data collection capabilities that facilitate quick detection and frequent tracking of Earth surface changes, irrespective of time or weather conditions.

There is also a focus on accelerating growth within ICEYE’s Solutions portfolio, including significant investments in the company’s Flood Insights and Wildfire Insights products, alongside the development of future peril-based analysis services for governments and commercial entities.

Rafal Modrzewski, CEO and Co-Founder of ICEYE said: “As a Finnish heritage company headquartered in Finland, we welcome our newest investor and board member, Solidium. 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, said: “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 said: “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.”