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ICEYE Raises Growth Funding Round for Global SAR Leadership

ICEYE SAR Satellite. Credit: ICEYE

Ibadan, 18 April 2024. – ICEYE has announced a definitive agreement signed for an oversubscribed $93M growth funding round. The financing will further accelerate investment in the Company’s constellation of SAR satellites and expand the company’s portfolio of innovative data and subscription products.

The round builds on ICEYE’s success in its Series D round in February 2022, bringing the total amount the SAR company has raised to $438M. Finnish sovereign wealth fund Solidium Oy led the round, with participation from Move Capital Fund I1, Blackwells Capital, Christo Georgiev, and existing investors.

This funding will consequently support the next phase of growth as the Company continues to capitalize on strong international momentum in its missions business with continued growing interest from allied governments for both defense and civil use cases enabled by next-generation SAR spacecraft. Likewise, ICEYE also looks to capitalize on the rapid expansion of future SAR data offerings to deliver innovative products and reliable data collection capabilities that enable the rapid detection and frequent tracking of changes on the Earth’s surface, regardless of the time of day or weather conditions.

Speaking on the raise, Rafal Modrzewski, CEO and Co-Founder of ICEYE, said, “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.”

Susan Repo, Chief Financial Officer at ICEYE, also 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.”

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