The series B funding brought Earth observation satellite maker Iceye’s total to $53m with the help of investors including government-owned Tesi.
Iceye, a Finland-based Earth observation satellite spinout of Aalto University, obtained $34m in a series B round today backed by government-owned investment firm Finnish Industry Investment (Tesi).
The round was led by venture capital firm True Ventures and featured Seraphim Capital, which manages the government and corporate-backed Seraphim Space Fund.
Three VC funds allied to the Draper Venture Network – Draper Nexus, Draper Associates and Draper Esprit – also supplied funding, as did syndicate Space Angels Network and venture capital firm Promus Ventures.
Founded in 2015, Iceye manufactures low-Earth orbit satellites that pick up detailed imaging data from Earth by using a high-detail radar technology, synthetic-aperture radar (SAR), that is powerful enough to recreate visual objects.
The technology means Iceye satellites can collect visual data regardless of obstructions, for use by industries such as maritime, disaster management, insurance, finance, security and intelligence.
Iceye will use the capital to expand analytics services based on its satellite data following the launch of its Iceye-X1 spacecraft in January 2018.
The spinout has also earmarked funding for further development of its underlying SAR technology and the launch of nine additional satellites by the end of 2019.
Iceye has now raised a total of $53m in equity and grant funding, according to the company, including $1.2m from a Seraphim Capital-led round in September 2017 that included undisclosed investors.
The company attracted $13m in a Draper Nexus-led round the previous month, with participation from Finnish state innovation agency Tekes, Draper Associates, Lifeline Ventures, Space Angels and True Ventures.
True Ventures had led Iceye’s $2.8m round in 2015, which featured Lifeline Ventures and Founder.org, according to Nordic9.
