ICEYE, a satellite-powered disaster management solutions, has finalised a definitive agreement for an oversubscribed $93 mn growth funding round, led by Finnish sovereign wealth fund Solidium Oy.
Solidium Oy leads the charge in this round, supported by contributions from Move Capital Fund I, Blackwells Capital, Christo Georgiev, and existing investors.
The investment is intended to accelerate ICEYE’s plans to expand the world’s largest constellation of SAR satellites and enhance its portfolio of innovative data and subscription products (see Space and Satellite Insurance review).
The funding round, which follows the successful Series D round in February 2022, brings ICEYE’s total raised capital to $438 mn.
ICEYE’s constellation of SAR satellites enables them to offer images of the Earth’s surface in all weather conditions, day and night, overcoming the limitations posed by cloud cover that affect optical satellite sensors (see about Insurance Coverage for Satellites & Space Flight).
Founded in 2014 and headquartered in Espoo, Finland, ICEYE aims to provide timely and reliable satellite data to assist decision-making in various sectors including disaster management, insurance, finance, security, and maritime logistics.
This capability is critical for monitoring natural disasters, such as floods and hurricanes, in real-time, thus providing essential data for emergency response and humanitarian aid.
With this strong financial performance, ICEYE aims to leverage its recent funding to fuel its next phase of expansion.
The funding injection will be pivotal in supporting ICEYE’s ongoing growth trajectory, particularly in its Missions business.
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
Rafal Modrzewski, ICEYE’s CEO and Co-Founder
The company plans to capitalise on robust international momentum, with increasing interest from allied governments for both defence and civil applications enabled by next-generation SAR spacecraft.
Moreover, ICEYE intends to rapidly expand its SAR data offerings to introduce innovative products and enhance its data collection capabilities.
These advancements will enable swift detection and frequent monitoring of changes on Earth’s surface, regardless of the time of day or weather conditions.
ICEYE is set to accelerate growth within its Solutions offering. This initiative includes significant investment in ICEYE’s Flood Insights and Wildfire Insights products, alongside the development of future peril-based analysis tools tailored for governments and commercial organizations.
ICEYE is building unparalleled expertise in the space technology sector and beyond
Reima Rytsölä, Solidium CEO
The company has made significant strides in satellite technology, making it more accessible and cost-effective, which marks a notable advancement in the commercial space and satellite industries (see Flood Risk is Insurable. How Does Insurance Industry Can Close the Protection Gap?).
With its growing constellation, ICEYE continues to expand its global footprint and the scalability of its operations, enhancing the temporal resolution of the imagery data it can provide.
In 2023, Swiss Re, ICEYE and Guy Carpenter are participating in a parametric pilot program to protect low-income communities in New York City from flooding. These communities were among those severely impacted by Hurricane Sandy.
The program is led by Swiss Re and Guy Carpenter and is funded by the Civic Innovation Challenge of the National Science Foundation and the Department of Homeland Security.
The pilot was developed in partnership with Center for New York City Neighborhoods (CNYCN), the New York City Mayor’s Office of Climate & Environmental Justice, and the Environmental Defense Fund.
The initiative is part of a multi-agency effort to enhance the financial resilience of low- and moderate-income households exposed to flood risk in the New York City Region.
The pilot parametric community flood insurance scheme for New York City neighbourhoods will deliver payouts based on a range of data inputs, including ICEYE’s unique satellite insights, as well as on-the-ground real-time sensors, and social media images, all of which ICEYE will compile and report on whether the parametric triggers are breached.
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