ICEYE raises over €1 billion, valuation surpasses €10 billion
ICEYE has completed its Series F financing round, raising more than EUR 1 billion in total. The company secured EUR 450 million in new capital, while the overall transaction value – including share sales by existing shareholders – exceeded EUR 1 billion. Following the round, ICEYE's valuation has risen to more than EUR 10 billion.
The financing round was led by General Atlantic. Other investors included Solidium, Tesi, Varma, Ilmarinen, Lifeline Ventures, Nokia, Qatar Investment Authority, and TCV. For Nokia, this marks its first investment in ICEYE and its entry into the company's group of strategic equity partners.
“The fact that investors of this calibre have chosen to support us at this scale reflects the shared vision we have for the future. We are entering a new era in which a growing number of organisations are building their own independent space-based intelligence capabilities, and now is the time to act. ICEYE possesses the world's most advanced and proven capability to meet this demand. With this funding, we can deliver new solutions to government and commercial customers faster than ever before,” said Rafał Modrzewski, CEO and co-founder of ICEYE.
“Modern defence increasingly depends on combining secure communications with real-time situational awareness. Nokia’s and ICEYE’s strengths complement each other and can contribute to Europe’s defence, resilience, and technological sovereignty. This combination will become increasingly important as governments and industries seek to build critical systems that are more secure, provide greater situational awareness, and adapt more effectively to changing conditions,” said Justin Hotard, President and CEO of Nokia.
The newly raised capital will support the company’s continued expansion in the satellite intelligence market for the security and defence sectors. ICEYE plans to increase the scale of deliveries of both satellite data and complete Earth observation systems based on synthetic aperture radar (SAR) technology.
“ICEYE is redefining Earth observation. The company was among the pioneers in developing more agile next-generation satellite constellations that provide greater strategic capabilities at significantly improved cost efficiency. Today, it operates the world’s largest and most advanced SAR satellite constellation, built on a vertically integrated platform. Rafał and his team have transformed breakthrough technology into commercial and operational success at scale, and we are convinced that global demand for ICEYE’s intelligence solutions is structural in nature and will continue to accelerate. We are proud to support exceptional innovators like ICEYE who are pushing the boundaries of what is possible,” said Sascha Günther, Managing Director, Head of DACH and Co-Head of EMEA Technology at General Atlantic.
Earlier this month, Evertiq reported that Business Finland had approved a EUR 28.3 million continuation grant for ICEYE’s R&D programme. The funding, awarded by Finland’s public innovation agency, represents the final tranche of a previously announced major R&D investment package and is intended to accelerate advances in ICEYE’s technology portfolio. The programme focuses on enhancing the company’s sensing capabilities, data collection and AI-driven analysis.