ICEYE, a leader in synthetic-aperture radar (SAR) technology for microsatellites, has received $13 million in new funding to scale up operations, including manufacturing of the company's SAR technology built from off-the-shelf components, and launch additional satellites. The company 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.
The $8.5 million round (of the $13 Million) included participation from True Ventures, Lifeline Ventures, Space Angels, and Draper Associates. Additional funding was received from Finnish Funding Agency for Innovations, Tekes. Since starting its operations in 2015, ICEYE has secured a total of $18.7 million in financing, including investments from the European Union's Horizon 2020 Research and Innovation Program.
With darkness or clouds covering two-thirds of the planet at any given time, SAR technology delivers reliable imaging where optical imaging cannot. Finland-based ICEYE has developed a unique SAR sensor to offer imaging services anywhere around the globe, anytime, with response times measured in a few hours from acquisition. By enabling economically viable microsatellite constellations, ICEYE's goal is to expand access to SAR data at a cost and time efficiency that has never before been available to commercial and government entities. It 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.
The commercial earth observation data that ICEYE provides value-added services in various industries and can be used across different industries to track changes around the world at any time. Its SAR microsatellites can be used in the maritime industry to follow port traffic, in the oil industry to detect oil spills or by the government to monitor illegal logging, as well as fast disaster relief.
