Iceye Raises $13 Million to Develop SAR Microsatellite Constellation
Iceye has announced $13 million in new funding, including an $8.5 million financing round led by Draper Nexus. Iceye will use the latest funding to scale up operations, including manufacturing of its Synthetic Aperture Radar (SAR) technology built from off-the-shelf components, and to launch additional satellites. The company plans to launch the first three microsatellites equipped with SAR sensors over the next 12 months, delivering Earth Observation (EO) data to select customers shortly thereafter.
This $8.5 million round also included participation from True Ventures, Lifeline Ventures, Space Angels, and Draper Associates. Tekes, the Finnish funding agency for technology and innovations, also provided additional capital. Since starting its operations in 2015, Iceye has secured a total of $18.7 million in financing, including investments from the European Union’s (EU) Horizon 2020 Research and Innovation Program.
With darkness or clouds covering two-thirds of the planet at any given time, SAR technology delivers imaging where optical imaging cannot. Finland-based Iceye has developed a SAR sensor to offer global imaging services with response times measured in a few hours from acquisition. By enabling economically viable microsatellite constellations, Iceye’s goal is to expand access to SAR data at a lower cost and with better time efficiency to commercial and government entities.