ICEYE, a Finnish Earth observation company, has successfully raised $93 million in a growth funding round led by Solidium Oy, a Finnish state-owned investment company.


ICEYE, a trailblazer in satellite-powered disaster management solutions, has recently concluded a substantial funding round, securing $93 million in growth capital.

Solidium Oy led the investment, supported by Move Capital Fund I, Blackwells Capital, Christo Georgiev, and existing investors, bringing ICEYE’s total raised capital to an impressive $438 million, according to insights from InsurTech.

The fresh funding will propel ICEYE’s ambitious plans to expand its constellation of SAR (Synthetic Aperture Radar) satellites, already the world’s largest. Additionally, the company aims to enrich its suite of data and subscription products, offering clients access to innovative solutions for disaster preparedness and response.

The oversubscription of the round underscores strong investor confidence in ICEYE’s vision and capabilities.

Rafal Modrzewski, CEO and co-founder of ICEYE, shared his optimism about the company’s future, stating, “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.” He expressed pride in aligning with the newest investors in the pursuit of ICEYE leading the global market in SAR technology and its diverse applications.

With the infusion of new capital, ICEYE is well-positioned to fortify its leadership position in satellite-powered disaster management solutions. The company remains committed to innovation and expansion, driving growth and making significant contributions to global disaster response efforts.

Reima Rytsölä, CEO of Solidium, emphasized the strategic fit of ICEYE with their updated investment strategy. He highlighted ICEYE’s status as a globally recognized leader in a rapidly growing, high-tech industry, with the potential to evolve into a nationally significant listed company. Rytsölä praised ICEYE’s unparalleled expertise in the space technology sector and beyond.

Specializing in synthetic-aperture radar (SAR) satellites, ICEYE’s advanced technology enables high-resolution imaging of the Earth’s surface regardless of weather conditions or time of day. With applications in disaster response, environmental monitoring, and infrastructure management, ICEYE continues to push the boundaries of innovation in Earth Observation.