It is originally a spin-off of Aalto University's University Radio Technology Department, and is based in Espoo[5] and has offices globally (Finland, Poland, Spain, the UK, and the US) and over 700 employees globally.[6]
In September 2024 the company reported 2023 revenues of $100M and expanded its funding to $438M.[7]
The CEO and co-founder of ICEYE is Rafał Modrzewski.[3][2]
In 2019, the founders of ICEYE and Aalto staff involved were awarded the Finnish Engineering Award by the Academic Engineers and Architects in Finland TEK[9][10] The achievement was called "a breakthrough in Finnish space technology" in the award citation.[11]
ICEYE SAR image of Rotterdam harbour
In October 2019, ICEYE started offering commercial access to its 1-metre resolution SAR-imagery, and operated 3 SAR satellites.[12]
In December 2020, ICEYE sold two satellites (X18, X19 or X20) to the Brazilian Air Force, these satellites were launched in May 2022 on SpaceX's Transporter-5 mission.[13][14] The Brazilians named these satellites Carcará 1 and Carcará 2.[15]
The company has launched a total of 38 satellites as of August 2024.[18]
Business
The company launched as an earth observation data provider with its own satellite constellation[6] that has the ability to revisit locations on earth in hours and can do imaging in all weather conditions.[19] With top use cases including "border monitoring, site activity monitoring, port monitoring, maritime domain, deforestation monitoring, sea ice and oil spills".[19]
From 2022, in addition to its own constellation data, the company offered entire satellite launches to customers, saying "Governments and large multinational corporations are able to purchase their own radar imaging satellites from ICEYE and operate them independently, or arrange ICEYE to manage the spacecraft exclusively on their behalf".[20]
It has bespoke packaged solutions for Insurance[21] and Government[22] domains to assist in flood and wildfire insights and improve disaster response.
Funding and financial performance
Upon demonstrating the solution for monitoring pack ice in 2015, ICEYE received a €2,4M grant from the European Union's Horizon 2020 programme for SMEs with the goal "to integrate, pilot test and demonstrate the ICEYE SAR system in its final form as a microsatellite in order to attract private investment for launching."[23]
In August 2017, ICEYE raised $13 million in capital, including from the Finnish Funding Agency for Innovations.[3]
On May 24, 2018, ICEYE raised $34M in Series B led by return investor True Ventures and supported by Draper Network VC funds and others. The company said it will use the capital to "expand its custom analytics services for its growing customer base, further develop its SAR satellite technology, as well as fund additional launches of ICEYE SAR satellites".[24]
In September 2020, ICEYE raised $87M in Series C led by return investor True Ventures, with a significant additional investment by OTB Ventures. With the funding the company seeks to establish manufacturing in the US and build on existing capabilities (such as 0.25 meter resolution data and SAR video and demonstrated record time data deliveries of 5 minutes).[25]
On February 3, 2022, ICEYE raised $136M to increase the size of the constellation and strengthen "the growth of ICEYE's Natural Catastrophe (NatCat) Insights and Solutions offering".[26]
On 17 April 2024, ICEYE announced that it had closed an oversubscribed $93 million growth funding round. The round was led by Finnish sovereign wealth fund Solidium Oy and saw participation from Move Capital Fund I, Blackwells Capital, Christo Georgiev, and existing investors.[27]
The total funding raised is at $438M as of April 17, 2024.[7]
The company reports annual revenues of $100M for FY 2023.[7]
Satellites
On 12 January 2018, a PSLV-XL rocket on PSLV-C40 mission carried ICEYE-X1 (also known as ICEYE POC1, COSPAR 2018-004D; POC stands for "Proof Of Concept") into orbit from the Satish Dhawan Space Centre.[3] ICEYE-X1, at 70kg, was the first satellite under 100kg to carry a synthetic-aperture radar, and was the first Finnish commercial satellite.[3][2][28]
The second satellite, ICEYE-X2 (ICEYE POC2, COSPAR 2018-099AU) was launched into orbit on 3 December 2018, at 18:34 UTC by a SpaceXFalcon 9 Block 5 rocket. The launch took place from the Vandenberg, SLC-4E.[29]
The third ICEYE X payload was launched on 5 May 2019 on an Electron rocket from Rocket Lab Launch Complex 1, in New Zealand. The payload, called ICEYE-X3, was integrated into the Harbinger satellite (the satellite is also known as ICEYE X3, ICEYE POC3, COSPAR 2019-026E), a proof-of-concept prototype for a York Space Systems' S-class satellite bus. The Harbinger was launched on its demonstration mission, and the payloads integrated into the satellite included the ICEYE X3, BridgeSat's optical communications payload and Enpulsion of Austria's Field Emission Electric Propulsion system. The launch was conducted as the STP-27RD mission of the Space Test Program (STP) of the United States Army Space and Missile Defense Command, who sponsored the launch. The ICEYE-X3 radar payload had communications issues related to bus communications. These were reportedly solved.[30]
The fourth and fifth satellite, ICEYE-X4 (COSPAR 2019-038D) and ICEYE-X5 (COSPAR 2019-038C) were launched on 5 July 2019 by a Soyuz-2-1b rocket from Vostochny CosmodromeSite 1S.[15]
The next launch occurred on September 28, 2020, with Soyuz-2-1v from Plesetsk. This put ICEYE-X6 and ICEYE-X7 satellites into orbit.[31] On 24 January 2021, three new satellites (ICEYE-X8, ICEYE-X9 and ICEYE-X10) were launched from Cape CanaveralSLC40 as part of record setting Falcon 9 Flight 106 (i.e. Transporter-1 mission).[32][33] One of these, the ICEYE-X10, is actually a US-built version of the ICEYE satellites developed by R2 Space for the US government and has been renamed XR-1.[34]
Three ICEYE SAR satellites on the SpaceX launch vehicle
The cooperation between SpaceX and ICEYE continued with 6 more satellites launched with Falcon 9 Block 5 rockets, 4 on 30 June 2021 as part of the Transporter-2 mission (ICEYE-X11, ICEYE-X12, ICEYE-X13 and ICEYE-X15)[35] and 2 on 13 January 2022 as part of the Transporter-3 mission (ICEYE-X14 and ICEYE-X16).[36] Another 5 have been launched on 25 May 2022 as part of Transporter-5 (ICEYE-X17, X18, X19, X20 and X24)[37] and 3 on 3 January 2023 as part of Transporter-6 (ICEYE-X21, X22 and X27).[38] Unfortunately, out of those last three satellites only two are currently in orbit while ICEYE X22 failed to separate from the rocket upper stage representing the first loss of a satellite for ICEYE.[39]
Four more satellites (ICEYE-X23, X25, X26 and X30) have been launched on 12 June 2023 on SpaceX's Transporter-8 mission[40] and another four (ICEYE-X31, X32, X34 and X35) on 11 November 2023 on SpaceX's Transporter-9 mission.[41]
Three more satellites were launched on March 4, 2024. That brings the total number of ICEYE satellites launched to 34.[4]
Another four satellites were launched on August 16, 2024, which brought the launched satellite total to 38.[42][18]
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