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Draper, VCs Invest $34 Million in Finnish Microsatellite Startup

By | May 25, 2018
Iceye-X2 radar satellite

An artist’s impression of the Iceye-X2 radar satellite. Photo Credit: Iceye

Iceye, an Earth observation company providing synthetic-aperture radar (SAR) data, has announced $34 million Series B funding led by return investor True Ventures and supported by Draper Network VC funds and others. The Finland-based SAR data company will use the new capital to expand its custom analytics services for its customer base, further develop its SAR satellite technology, and fund additional launches of Iceye SAR satellites.

Iceye’s Series B funding round includes financial backing from previous investors True Ventures, Draper Nexus, Draper Associates, Seraphim Capital and Space Angels. The funding round is joined by new Iceye investors OTB, Tesi, Draper Esprit and Promus Ventures. To date, Iceye has raised a total of $53 million, including government financing from Finland and the European Union’s Horizon 2020 program.

In January, Iceye successfully completed a historic landmark in aerospace by launching an SAR satellite, Iceye-X1, with a launch mass of under 100kg. The company is also launching two additional satellites this year and is aiming for a total of nine upcoming satellite launches by the end of 2019. Iceye is actively seeking out launch operators to continue the company’s rapid acceleration towards the future.