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Finnish satellite imagery venture ICEYE secures $87 million funding

Berlin, 22 September 2020. – The Finnish satellite imagery specialist ICEYE secured a $87 million funding mainly from Californian True Ventures and the Warsaw-based OTB Ventures, the company announced today.

The funding round was joined by Finnish Industry Investment, Draper Esprit, DNX Ventures, Draper Associates, Seraphim Capital, Promus Ventures and Space Angels as well as New Space Capital, the Luxembourg Future Fund and the European Investment Fund.

ICEYE is specialized in satellite imagery and advanced Synthetic-Aperture Radar (SAR) solutions. “ICEYE’s radar satellite imaging service, with coverage of selected areas every few hours, both day and night, helps clients resolve challenges in sectors such as maritime, disaster management, insurance, finance, security and intelligence. ICEYE is the first organization in the world to successfully launch synthetic-aperture radar (SAR) satellites with a launch mass under 100 kg,” the company based in Espoo, Finland, says on its website.

ICEYE has so far successfully launched 5 satellite missions, starting with the “first ever small SAR satellite” in January 2018, the company said. It is planning to launch four additional satellites this year and is on course to launch at least an additional eight next year.

To date, ICEYE has raised a total of $152 million in financing.

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