ICEYE secures $65M funding extension reaching $158M total for 2024 investments
by Clarence Oxford
Los Angeles CA (SPX) Jan 01, 2025

ICEYE, a global leader in synthetic aperture radar (SAR) satellite operations for high-resolution Earth observation, announced the closure of a $65 million funding extension to its $93 million growth round announced earlier this year. This brings ICEYE's total raised in 2024 to $158 million.

The latest funding round included participation from Solidium Oy, BlackRock, Seraphim, Plio Limited, and Christo Georgiev. The financing package combines debt and equity instruments, supporting ICEYE's plans to expand its SAR satellite constellation, intelligence, surveillance, and reconnaissance (ISR) platform, and other related systems. To date, ICEYE has raised over $500 million.

With these additional resources, ICEYE aims to continue its rapid growth trajectory, focusing on enhancing its ISR capabilities to meet increasing global demand while solidifying its position as a market leader in the space technology ecosystem.

"ICEYE has experienced unwavering momentum over the past few years. This extension of our growth funding round further bolsters ICEYE's investment in its capabilities and enables us to respond even better to the growing demand for space-based technology in the global defense and ISR markets," said Susan Repo, CFO at ICEYE.

Reima Rytsola, CEO of Solidium, remarked, "Extending the growth funding to support ICEYE growth is well in line with our investment strategy. Our view is that ICEYE continues to have strong potential to grow to a nationally significant company and foster a completely new technology cluster in Finland."

Citigroup served as the exclusive private placement agent for this transaction.

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