Following the collapse of the Baltimore Key Bridge March 26, Iceye obtained high-resolution satellite imagery revealing the damage extent. Credit: Iceye

WASHINGTON — Finnish satellite company Iceye has raised $93 million in a new funding round, the company announced April 17. 

Iceye operates a constellation of synthetic aperture radar (SAR) small satellites that capture imagery day or night and in any weather conditions, making them valuable tools for a range of applications including maritime monitoring, infrastructure assessment, and disaster response.

Finnish sovereign wealth fund Solidium Oy led the round, with participation from Move Capital Fund I, Blackwells Capital, Christo Georgiev and existing investors.

Iceye said it plans to use the funds to expand its business, and develop new products and services. The company is headquartered in Finland and operates from five international locations. It has more than 600 employees.

U.S. operations in California

The company has grown its U.S. footprint since 2021, when it opened a satellite manufacturing facility, research and development lab, and mission operations center for U.S.-licensed spacecraft in Irvine, California.

The new investment round follows a Series D round in February 2022, bringing the total amount raised to $438 million.

“This backing from the domestic and international investment community shows trust in Iceye’s vision,” said Rafal Modrzewski, the company’s chief executive and co-founder.

Susan Repo, chief financial officer, said Iceye “has experienced exponential commercial traction over the past few years internationally. This growth investment round fully funds the business plan and sets the company up for a near-term trajectory towards free cash flow break-even.”

Iceye says it has successfully deployed 34 spacecraft since 2018, and plans to launch up to 15 satellites in 2024.

Sandra Erwin writes about military space programs, policy, technology and the industry that supports this sector. She has covered the military, the Pentagon, Congress and the defense industry for nearly two decades as editor of NDIA’s National Defense...