ICEYE extends financing round by USD 65 million

ICEYE strengthens its leadership position in SAR technology and further invests in ISR and Earth observation solutions with an expanded funding round of USD 65 million
Helsinki, Finland, December 18, 2024 - ICEYE, a Synthetic Aperture Radar (SAR) satellite and Earth observation and natural disaster management solutions company, has announced the closing of a $65 million expansion of its existing growth financing round. Together with the USD 93 million announced in April 2024, the total amount of funds raised in 2024 reaches USD 158 million.
Strong support from renowned investors
The following investors, among others, participated in the financing round: Soidium Oy, BlackRock, Seraphim, Plio Limited and Christo Georgiev.
This expansion of our growth financing round underlines our continuous development and supports ICEYE in responding to the increasing demand for space-based technology.
Susan Repo, CFO of ICEYE
The transaction comprises a combination of equity and debt instruments and aims to further develop ICEYE's SAR satellite constellation, its intelligence, surveillance and reconnaissance (ISR) platform and related systems. In total, ICEYE has received over USD 500 million in funding to date.
Strengthening the market position
The new funding will enable ICEYE to expand its ISR capabilities to meet the growing global demand for space technology, particularly in the defense and ISR markets. Reima Rytsölä, CEO of Solidium, added: "ICEYE has the potential to grow into a nationally significant company and foster a new technology cluster in Finland."
With over 700 employees and locations in nine countries, ICEYE's vision is to improve life on Earth through accurate Earth observation data. The company operates the world's largest SAR satellite constellation and provides government and industry customers with high-precision, near real-time data for decision-making processes.
Citigroup acted as the exclusive intermediary for this financing round.

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