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Iceye Raises $93M, Led by Finnish Sovereign Wealth Fund Solidium

By Rachel Jewett | April 17, 2024
An Iceye satellite in orbit. Photo: Iceye

An Iceye satellite in orbit. Photo: Iceye

Finnish satellite company Iceye raised $93 million in growth funding, led by Finland’s sovereign wealth fund Solidium. Other investors include Move Capital Fund I, Blackwells Capital, Christo Georgiev, and existing investors. Iceye announced the round on Wednesday. 

Iceye operates a constellation of satellites that collect synthetic aperture radar (SAR) data, which can monitor Earth at night and through clouds. 

The company said this financing will help build out its constellation of SAR satellites and expand the company’s portfolio of data and subscription products, including its Flood Insights and Wildfire Insights products. With this funding, Iceye has now raised $438 million, following a $136 million Series D round in early 2022

“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,” said Iceye CEO Rafal Modrzewski. 

Solidium, which is owned by the Finnish state, gains a board seat on the company’s board. 

“Iceye fits perfectly with our updated strategy,” commented Solidium CEO Reima Rytsölä. “Iceye is a globally recognized leader in a rapidly growing, high-tech industry with a clear potential to grow into a nationally significant listed company. Iceye is building unparalleled expertise in the space technology sector and beyond.”