ICEYE, a leading world Synthetic aperture radar provider, got funding worth $136 Million in the latest Series D funding round. Investor Seraphim Space majorly led the investment round. Other investors along with Seraphim Space are Molten Ventures, OTB Ventures, Chione Limited, C16 Ventures, True Ventures, Services Group of America, UK’s National strategic security Investment fund, Promus ventures, BAE Ventures, and space capitals. The placement agent for this deal is Morgan Stanley & Co.LLC.With this raised funding. The overall investment has reached $ 300 million. However, the company declined to announce its precise valuation at the time. Still, it is comparable to the previous rounds, and the company is said to be “very pleased” with this valuation.
ICEYE, a world-class leading data provider in NatCat solutions, began its operations from Helsinki, Finland but later spread to the U.S. last year through its manufacturing unit in California. It launched its first U.S.-based satellite at the end of 2021. The organization as of now has 16 satellites in the circle. Now, ICEYE can operate as a contractor for the U.S. regarding national defense. As they received a contract from the National Reconnaissance Officer, a customer of the U.S. Earth intelligence market last month. ICEYE provides imaging and monitoring facilities for any part of the Earth, irrespective of the weather conditions.
CEO and co-founder Rafal Modrzeweski expresses his views on the latest funding: “This financing has really been built around the further growth of the natural catastrophe product line. The company sees more considerable investments from various agencies such as the Federal Emergency Management Agency and European Space Agency to understand floods and revert them quickly. But with that, the company also looks forward to having a significant initiative from the insurance industry to bring out the latest technology and understand what’s happening in the environmental conditions. With this, he said that their largest customer is government itself.
ICEYE specializes in SAR(Synthetic Aperture Radar), a special type of imagery.SAR Satellite has an advantage over other traditional imaging satellites as they can even capture the unclean environment or throughout the night. It saves the cost of launching multiple satellites, Multiple times a day for clearly imagined places. The prime product of ICEYE currently is flood mentoring, and in the future, they want to cover wind, wildfire, and hail too. The company has already deployed 16 satellites till now and is planning to deploy ten more with the latest financing they got by the end of the year. With this, the company continues serving customers across multiple niches such as insurance, Maritime monitoring, finance, and catastrophe response.
With this new $136 Million investment, ICEYE is now one of the best well-capitalized space start-ups after SpaceX. The company is now focussing on remote sensing, which means capturing and monitoring the physical surroundings of an area by taking Earth’s images from space. According to Susan Repo, Chief Financing officer at ICEYE,” the company will continue to grow at its pace. We are proud of our ability to meet our customers at their place of need, and this support will assist us with proceeding to do precisely that. The organization will utilize its most recent financing to foster Regular Calamity arrangements.
It will attract more interest by expanding its Nature Catastrophe insights and its products. According to ICEYE, they will use the funding to reduce the time and to access its satellite’s visiting facility. Apart from this, they will make further investments in other technologies, such as Artificial Intelligence and Machine Learning. Susan Repo said that this funding will be showing the trust of our investors. They are returning and the company will be going on this way for maintaining their trust.
James Brugger, Chief Investment Officer, Seraphim Space LLP, has also expressed his views on the investment and said that Since they first invested in the company in 2017. They have seen the company go from strength to strength. According to him, they have seen the company making the impossible possible while launching. The World’s first miniaturized Synthetic Aperture Radar satellite, which can detect the planet day and night, and now. The company has already become the world’s biggest operator of SAR imaging satellites. James Brugger, the prime investor of this $136 Million deal, said. As the world’s leading specialist investor focused on the New Space ecosystem. We have identified ICEYE as one of the sector’s brightest stars. We anticipate that its global scale persistent monitoring of the planet will majorly impact addressing some of our most pressing challenges.”
ICEYE, along with its SAR imaging satellites, is also assisting. Its customers are in other domains such as shipping, insurance, and maritime monitoring. It has plenty of customers who want images of the Earth’s surface. Its constellation is also planned in a way such that it will provide authentic, valid, and proper imaging of the surface. It will also allow the changes to tracked without depending on environmental conditions. Currently, ICEYE has no plan to go public, which is a huge decision, according to CEO Rafal Modrzewski. At this point, The company is manufacturing and designing its satellites in-house.
The company launched two SAR satellites from Cape Canaveral, Florida, on 13 January 2022. These are the first satellites launched from its US launching station. Rafal Modrezewski said He doesn’t think ICEYE will go public in the coming one or two years. But he would like to add that option for the future, and maybe the company will go public.
ICEYE is doing fabulous in manufacturing and operating SAR imaging satellites and assisting. Its customers and currently the market leader in delivering the same. This new investment should make a remarkable increase in its overall productivity.