ICEYE raises funding to develop SAR microsatellite constellation

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. "Having the support and insight from our investors will not only help ICEYE execute on our vision to democratise 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." "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."