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Insurtech ICEYE raises $65 mn to advance satellite and ISR technologies

Insurtech ICEYE raises $65 mn to advance satellite and ISR technologies

Insurtech ICEYE, the global leader in SAR satellite operations for Earth Observation and persistent monitoring, secured an additional $65 mn in its 2024 growth funding round, raising its total capital for the year to $158 mn.

The round included a mix of debt and equity financing, with investments from Solidium Oy, BlackRock, Seraphim, Plio Limited, and Christo Georgiev. Since its founding in 2014, ICEYE has raised over $500 mn to date.

The new funding will accelerate the expansion of ICEYE’s synthetic aperture radar (SAR) satellite constellation and its intelligence, surveillance, and reconnaissance (ISR) systems. These advancements are key to enhancing Earth observation capabilities and catastrophe monitoring solutions.

The company specializes in SAR technology, providing high-resolution Earth observation data for continuous monitoring and disaster management. ICEYE serves major clients like Swiss Re, Juniper Re, and Insurity, delivering near real-time insights for risk assessment, disaster response, and insurance applications.

ICEYE has maintained strong momentum in recent years. This funding extension strengthens our ability to meet growing demand for space-based technologies in the global defense and ISR markets

Susan Repo, CFO at ICEYE

Reima Rytsölä, CEO of Solidium, highlighted the strategic impact of the investment. “This extension aligns with our investment strategy. We see ICEYE as a company with significant growth potential to create a new technology cluster in Finland.”

With this funding boost, ICEYE is set to strengthen its leadership in space-based technology, supporting critical industries and advancing innovation in Earth observation solutions.

In December, 2024, ICEYE has launched two new satellites to its constellation of SAR satellites. ICEYE expanded its satellite constellation by launching multiple satellites equipped with advanced imaging technology, enhancing its 25 cm-resolution imaging capabilities. This expansion has improved the company’s ability to provide detailed and timely data for various applications, including natural disaster response, maritime domain awareness, and infrastructure monitoring.

The satellites were integrated via Exolaunch and launched as part of the Bandwagon-2 rideshare mission with SpaceX from Vandenberg Space Force Base in California, USA. Both satellites have established communication, and early routine operations are underway (see Space Insurance Industry Outlook: Price & Coverage for Satellites & Space Flight).

Since 2018, ICEYE has deployed 40 satellites, with nine launches completed in 2024 alone. This latest deployment reinforces the company’s ability to provide vital geospatial data to the insurance and reinsurance sectors.

These industries rely on ICEYE for improved risk assessment and management, particularly for natural catastrophes such as floods and wildfires.

ICEYE, established in 2014, is a Finnish company specializing in synthetic aperture radar (SAR) satellite technology for Earth observation and persistent monitoring. The company has developed a constellation of SAR satellites capable of capturing high-resolution images of Earth’s surface, regardless of weather conditions or time of day.

ICEYE’s persistent monitoring services enable frequent imaging of specific locations, offering valuable insights for sectors such as insurance, government, and environmental monitoring. By delivering near real-time data, ICEYE supports decision-making processes in critical situations, such as assessing flood impacts or tracking illegal maritime activities.

With a focus on innovation and technological advancement, ICEYE continues to enhance its SAR satellite capabilities, aiming to provide comprehensive and reliable Earth observation data to meet the evolving needs of its clients worldwide.