Finland-Based SAR Data Company Closes $34 Million in Financing

ICEYE, an Earth observation company providing synthetic-aperture radar (SAR) data, closed $34 million in Series B funding led by return investor True Ventures and supported by Draper Network VC funds. New ICEYE investors include OTB, Tesi, Draper Esprit, and Promus Ventures, while previous investors True Ventures, Draper Nexus, Draper Associates, Seraphim Capital, and Space Angels also participated in the round.

The Finland-based SAR data company plans to use the capital to expand its custom analytics services, further develop its SAR satellite technology, and fund additional launches of ICEYE SAR satellites. To date, ICEYE has raised a total of $53 million, including government financing from Finland and the EU’s Horizon 2020 program.