Finnish SAR satellite operator ICEYE raises €9.38M from Polish Vinci

ICEYE, a satellite company specializing in synthetic aperture radar (SAR) technology, has raised €9.38 million from Vinci S.A., the venture arm of Poland’s National Development Bank (BGK), ArcticStartup reports.

About ICEYE

• Founded in 2015 and led by CEO Rafal Modrzewski, ICEYE owns and operates the world’s largest SAR satellite constellation, providing customers unprecedented access to 25 cm high-resolution imagery of any location on Earth, regardless of the weather conditions or day/night conditions.

• ICEYE’s satellites provide imagery with the industry’s highest resolution and scene sizes up to 840 km2, and hourly revisit rates for points around the globe. 

• The spacetech company has launched 44 satellites for its own and its customers’ use since 2018 and plans to launch more than 20 new satellites annually in 2025, 2026, and beyond. 

Earlier this year, ICEYE secured a contract with the Polish Ministry of National Defense worth €200 million for the provision of three ICEYE SAR satellites, with the option to extend the contract to six. 

Investment details 

The round was backed by Vinci S.A., managed by Poland’s National Development Bank (BGK). Vinci is a private equity and venture capital firm focused on investing in high-growth startups and early-stage companies.

According to ICEYE, the new funding will support the expansion of its Polish operations, which include a satellite operations centre, research and development facilities, and production capacity to meet growing international demand.

As a reminder, it was reported earlier in July that Poland was in the final stages of negotiating the acquisition of a stake in the Finnish satellite company ICEYE.

Read more: ICEYE launched its new Generation 4 satellite into space aboard SpaceX Transporter-13