Satellite Imaging Startup ICEYE Raises $136 Million to Keep a Close Eye on Earth

Decerry Donato

Decerry Donato is dot.LA's Editorial Fellow. Prior to that, she was an editorial intern at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

ICEYE
Image courtesy of ICEYE
The sky is not the limit for ICEYE, a Finland-based satellite radar imaging startup that set up its U.S headquarters in Irvine last year. On Thursday, the company announced a $136 million Series D funding round that will help expand its constellation of space satellites and further develop its technology.

The funding brings ICEYE’S total capital raised to $304 million, it said in a press release. Seraphim Space, a London-based venture capital firm that focuses on space-tech companies, led the round and was joined by new investors BAE Systems and Kajima Ventures, among others.

ICEYE—which operates a constellation of radar satellites that capture images of Earth from space—said the new funding will be used to grow its “natural catastrophe” solutions offering, which helps its clients track and respond to natural disasters. The company also plans to invest in artificial intelligence and machine learning capabilities and is looking to expand on the 16 satellites it currently has in orbit.

The startup’s customers include energy giant ExxonMobil and the European Space Agency, according to its website. Last month, ICEYE received a government contract from the U.S. National Reconnaissance Office.

ICEYE set up shop in Irvine last year with its new U.S. headquarters and manufacturing facility. (The company designs, manufactures and operates its satellites in-house.) “Like other aerospace hubs around the country, Southern California has a rich space legacy, a tremendous talent pool and an excellent base of suppliers and partners,” Deepak Grover, vice president of operations for ICEYE US, said at the time.

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