ICEYE Raises $13M in Additional Financing to Develop SAR Microsatellite Constellation
Date: Aug 23, 2017
Finnish-based SAR microsatellite technology leader on track for 2017 orbital missions
Helsinki, FINLAND – August 23, 2017 — ICEYE, the leader in synthetic-aperture radar (SAR) technology for microsatellites providing expanded access to reliable and timely earth observation data, today announced $13M in new funding, including an $8.5M financing round led by Draper Nexus. ICEYE will use the latest funding to scale up operations, including manufacturing of the company’s SAR technology built from off-the-shelf components, and launch additional satellites. ICEYE plans to launch the first three microsatellites equipped with SAR sensors over the next 12 months, delivering earth observation data to select customers shortly thereafter.
An ICEYE rendering of the first SAR microsatellite deployed in orbit.
This $8.5M round also included participation from True Ventures, Lifeline Ventures, Space Angels, and Draper Associates. Additional funding was received from Finnish Funding Agency for Innovations, Tekes. Since starting its operations in 2015, ICEYE has secured a total of $18.7M in financing, including investments from the European Union’s Horizon 2020 Research and Innovation Program.
“Having the support and insight from our investors will not only help ICEYE execute on our vision to democratize access to data worldwide, but it will also allow us to build out brand-new capabilities for our customers and partners,” said Rafal Modrzewski, CEO and co-founder, ICEYE Oy. “ICEYE will use this capital infusion to continue growing operations, readying our technology for the next generation of SAR microsatellite constellations.”
With darkness or clouds covering two-thirds of the planet at any given time, SAR technology delivers reliable imaging where optical imaging cannot. Finland-based ICEYE has developed a unique SAR sensor to offer imaging services anywhere around the globe, anytime, with response times measured in a few hours from acquisition. By enabling economically viable microsatellite constellations, ICEYE’s goal is to expand access to SAR data at a cost and time efficiency that has never before been available to commercial and government entities.
“ICEYE has a disruptive value proposition of making earth observation data and insights available at a refresh rate and cost that is orders of magnitude better than any system out there today. Rafal and his team are unleashing efficiency and innovation across wide sectors of our economy – insurance, construction and transportation to name a few,” said Q Motiwala, managing director of Draper Nexus who will be joining ICEYE’s board. “We are excited to partner with this incredible, passionate team that is bringing this game-changing technology to market.”
The commercial earth observation data that ICEYE provides, underpins value-added services in various industries and can be used across different industries to track changes around the world at any time. ICEYE’s SAR microsatellites can be used in the maritime industry to follow port traffic, in the oil industry to detect oil spills or by the government to monitor illegal logging, as well as fast disaster relief.
ICEYE aims to provide democratized access to reliable earth observation data through developing efficient SAR sensors and microsatellites, enabling everyone to make better decisions. Through an imaging service available anywhere around the globe, anytime, and with response times measured in just few hours, ICEYE helps clients resolve challenges in segments such as maritime, disaster management and security and intelligence. ICEYE is on track to be the first organization in the world to launch SAR microsatellites and expects to commence its commercial data operations in the first half of 2018. For more information, please visit: www.iceye.com
About Draper Nexus
Draper Nexus is an early stage venture capital fund focusing on Enterprise Tech and Hardware/Industrials. We bring a collaborative approach to work with entrepreneurs who are harnessing technology and data to transform and unlock value in established industries. We leverage our Corporate LP/industry relationships in Japan and the global reach of the Draper Venture Network to create a customer development advantage for our portfolio companies. For more information, please visit: www.drapernexus.com
About Draper Associates
Draper Associates is an early stage venture capital firm that encourages entrepreneurs to drive their businesses to greatness, to transform industries with new technologies, and to build platforms for extraordinary growth, jobs, and wealth creation. For more information visit: www.draper.vc
About True Ventures
Founded in 2005, True Ventures is a Silicon Valley-based venture capital firm that invests in early-stage technology startups. With capital under management in excess of $1.4 billion, True provides seed and Series A funding to the most talented entrepreneurs in today’s fastest growing markets. The firm maintains a strong founder community and offers innovative educational opportunities to its portfolio, helping entrepreneurs achieve higher levels of success and impact. With more than 200 companies funded and multiple companies acquired, the current True portfolio has helped create over 8,500 jobs. For more information, please visit: www.trueventures.com
About Lifeline Ventures
Lifeline Ventures is a Finland-based early-stage venture capital firm founded by serial entrepreneurs. We invest in strong founders in sectors we know by heart from our experience as entrepreneurs. Due to our background, we often start working with founders before they have launched their first product. Our goal is to be the first person the entrepreneur reaches out to in times of trouble and joy. So far, we have invested 70 companies including category-leaders such as Applifier, Enevo, Moves app, Supercell, uBiome, Valkee and ZenRobotics. More information: www.lifelineventures.com.
About Space Angels
Space Angels is the leading source of capital for early-stage space ventures. Founded in 2007, our portfolio includes many of the most prominent entrepreneurial space companies in the sector. Through a robust and streamlined web platform, Space Angels provides unparalleled deal access and comprehensible intelligence to its accredited investor members, making it easy to discover, select, and invest in the best space startups. For more information, please visit: www.spaceangels.com