Iceye’s headquarters in Otaniemi, Finland, outside of Helsinki. Photo: Iceye

Iceye raised 150 million euro in new funding led by General Catalyst, with the latest raise valuing the satellite company at 2.4 billion euro ($2.8 billion). The new funding announced Dec. 5 also included a 50 million euro ($58 million) secondary placement. 

General Catalyst is a global investment firm also invested in Relativity Space and Varda Space Industries. The firm’s head of Europe, Managing Director Jeannette zu Fürstenberg highlighted Iceye’s role in sovereign space offerings in a release. 

“Europe’s security starts with sovereign space capability,” zu Fürstenberg said. “Iceye enables that, with the world’s largest SAR constellation, software-defined satellites, and fully sovereign missions that put independent visibility back in Europe’s hands. Ministries and intelligence agencies can secure borders via on-demand imagery, while nations seeking full control can deploy their own turnkey satellite missions.” 

Iceye has sold satellites to a number of European nations including the Polish Armed Forces, Portuguese Air Force, Royal Netherlands Air Force, Greek National Space Program, and Finnish Defence Forces, as well as a SAR data agreement with NATO Allied Command Operations.

Other investors included A.P. Moller Holding in Denmark, Bpifrance in France, Vinci (BGK Group) and RiO Family Office from Poland, as well as Finnish investors Solidium, Ilmarinen, European Tech Collective, Keva, Lifeline Ventures, Tesi, Varma Mutual Pension Insurance Company, and Peter Sarlin.

Iceye co-founder and CEO Rafal Modrzewski said this funding will allow Iceye to expand its constellation of synthetic aperture radar (SAR) satellites and data intelligence services. 

Iceye previously raised $158 million last year, with a large investment from Finland’s sovereign wealth fund Solidium Oy.