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Iceye Raises $136M in Series D Funding Round 

By Rachel Jewett | February 3, 2022

Radar image of Strait of Gibraltar, captured with an ICEYE SAR satellite using the recently developed imaging mode. (Photo: ICEYE)

Iceye closed a $136 million Series D funding round, bringing the synthetic aperture radar (SAR) provider’s total funding raised to $304 million. Seraphim Space led the round, which included new strategic investors BAE Systems and Kajima Ventures, who are also customers of Iceye imaging. 

Other investors Molten Ventures, OTB Ventures, True Ventures, C16 Ventures, Chione Ltd, Services Group of America, the UK’s National Security Strategic Investment Fund (NSSIF), Space Capital, and Promus Ventures also participated in the funding round. 

Iceye is based in Helsinki, Finland, and has 16 satellites on orbit. U.S. subsidiary Iceye US opened a manufacturing facility in Irvine, California, in the past year, and the subsidiary recently received a commercial radar contract from the National Reconnaissance Office. 

Iceye plans to use this capital for its Natural Catastrophe solutions offering, and to invest in its constellation, global growth, and analytics services. 

“ICEYE has gone from strength-to-strength since we first invested in the company in 2017. We’ve watched the company prove the impossible, possible by launching the world’s first miniaturized SAR satellite capable of imaging the planet day and night, to now having grown into being the world’s largest operator of SAR imaging satellites,” said James Bruegger, chief investment officer of Seraphim Space.