ICEYE raises $87 million to further build SAR satellite constellation

ICEYE employees inspecting a company SAR satellite in a clean room.

ICEYE

Finnish start-up ICEYE will further expand its business thanks to the company’s largest infusion of capital yet, with plans to have a network of satellites that can image anywhere in the world as much as four times a day.  

ICEYE closed an $87 million round of venture capital fundraising, led by its prior investor True Ventures, which brings the company’s total funding to date to $152 million. Notably, ICEYE co-founder and CEO Rafal Modrzewski told CNBC that his company was aiming to raise $60 million but found more investor demand than it expected – with the COVID-19 pandemic not affecting investment in private space companies as badly as feared earlier this year. 

The company’s business is based upon combining a special type of imagery with a form factor the size of a suitcase – reducing the cost of

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