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ICEYE secures substantial growth investment to bolster its SAR satellite fleet
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ICEYE secures substantial growth investment to bolster its SAR satellite fleet
by Robert Schreiber
Berlin, Germany (SPX) Apr 18, 2024

ICEYE, a leader in synthetic aperture radar (SAR) technology for Earth Observation, has successfully closed an oversubscribed $93M funding round aimed at expanding its SAR satellite operations. This recent financial boost will support the enhancement of the largest SAR satellite constellation globally and the development of new data and subscription services. This round is a continuation of the momentum gained from the Series D funding in February 2022, with ICEYE's total funding now reaching $438M.

In 2023, ICEYE achieved over $100M in revenue and is on a steady path towards profitability. The new funds will enable further growth in several key areas, including:

- Increased international engagement in its Missions division, with growing demand from allied governments for defense and civil applications using advanced SAR technology.

- Enhancements to SAR data services, ensuring innovative product offerings and consistent data collection capabilities for timely and frequent Earth surface monitoring, irrespective of daily or weather conditions.

- Expansion of the Solutions sector, with significant investments in ICEYE's specialized products like Flood Insights and Wildfire Insights, as well as future risk analysis tools for government and commercial stakeholders.

Rafal Modrzewski, CEO and Co-Founder of ICEYE, emphasized the company's Finnish roots and its global aspirations, stating, "With the support of new and existing investors, ICEYE is poised to maintain its position as a trusted leader in global Earth Observation. We are proud to further our mission with the backing of our stakeholders."

Reima Rytsola, CEO of Solidium, remarked on the strategic fit of ICEYE with their investment portfolio, highlighting ICEYE's potential and its role in the evolving space technology landscape.

Susan Repo, ICEYE's CFO, noted the company's significant international commercial progress and the financial stability provided by the latest funding, which is expected to propel the company towards achieving free cash flow breakeven in the near future.

Citigroup served as the exclusive financial advisor for the transaction.

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