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§ Private Profile · Espoo, Finland
Earth observation company providing SAR satellite data and microsatellites for defense, environmental, and emergency management.
ICEYE operates the world's largest constellation of synthetic aperture radar (SAR) satellites, providing high-resolution Earth observation imagery in any weather or light conditions for defense, intelligence, insurance, and emergency management applications from its headquarters in Espoo, Finland. The company delivers persistent monitoring capabilities and also manufactures and sells SAR microsatellites to governments and organizations. As of August 2024, ICEYE had launched 38 SAR satellites. In 2025, it reported over €250 million in revenue and €100 million in EBITDA, supported by a €1.5 billion contracted backlog and over €350 million in cash, with over 1,000 employees. Key figures include CEO and co-founder Rafał Modrzewski and CFO Magdalena Bartoś. ICEYE was founded in 2014 by Rafał Modrzewski and Pekka Laurila.
ICEYE has raised $711.9M across 12 funding rounds.
ICEYE has raised $711.9M in total across 12 funding rounds.
ICEYE has raised $711.9M in total across 12 funding rounds.
ICEYE's investors include Jeannette Fuerstenberg, Peter Sarlin, A.P. Moller Holding, Nicolas Dufourcq, European Tech Collective, Ilmarinen, Keva, Lifeline Ventures, Solidium, Tesi, Vinci, Christo Georgiev.
ICEYE has raised $711.9M across 12 funding rounds. Most recently, it raised $174.8M Series E in December 2025.
ICEYE is a Finnish Earth observation company that builds and operates the world's largest constellation of synthetic aperture radar (SAR) satellites, delivering high-resolution, near real-time imagery of any location on Earth, regardless of weather or daylight.[1][2][3][6] These satellites provide persistent monitoring for sectors including defense, insurance, maritime, disaster response, security, finance, and natural catastrophe management, solving the limitations of traditional optical imaging systems that fail 75% of the time due to clouds or darkness.[2][3][5] ICEYE serves governments and commercial clients with actionable data for rapid decision-making, boasting over 700 employees across offices in Finland, Poland, Spain, the UK, Australia, Japan, UAE, Greece, and the US, and has raised more than $500M in funding.[3][6]
The company has demonstrated strong growth momentum, launching its first satellite (ICEYE-X1) in 2018 and expanding to 54 satellites by late 2025, with continuous upgrades improving resolution to 25 cm and revisit rates multiple times daily.[4][6][7][8] Recent milestones include a major multi-billion euro contract awarded on December 18, 2025, with Rheinmetall from the German Armed Forces for space reconnaissance, underscoring its scaling trajectory and market demand.[8]
ICEYE was founded in 2014 (initially as ICEYE Oy in 2015) in Otaniemi, Espoo, Finland, by Rafal Modrzewski (current CEO and Co-founder) and Pekka Laurila (Chief Strategy Officer and Co-founder), who envisioned democratizing Earth observation through small, affordable SAR satellites.[3][5][6][7] The idea emerged from the need for reliable, frequent imaging beyond traditional large, costly systems, leveraging a "New Space" approach with micro-satellites under 100 kg.[1][4][7]
Early traction came with the proof-of-concept launch of ICEYE-X1, the world's first micro-SAR satellite at 75 kg, on January 12, 2018, delivering 3-meter resolution imagery for natural disasters.[6][7] Followed by ICEYE-X2 in December 2018, the company rapidly scaled: from 7 satellites at the start of 2021 to 18 by mid-2022, and 54 by 2025, fueled by backers and market validation in maritime, insurance, and defense.[4][6][7] This evolution humanizes ICEYE as a pioneer turning aerospace innovation into global resilience tools.[3]
ICEYE stands out in the SAR market through these key advantages:
ICEYE rides the New Space revolution, democratizing Earth observation by shifting from massive, government-dominated satellites to affordable, scalable micro-SAR constellations that deliver persistent, actionable intelligence.[1][2][7] Timing is ideal amid rising demand for real-time data in climate monitoring, geopolitical tensions, and supply chain disruptions—exacerbated by events like natural disasters and conflicts—where traditional systems fall short.[2][3][5]
Market forces favor ICEYE: growing GEOINT needs in defense (e.g., recent German contract), insurance catastrophe modeling, and maritime surveillance, with SAR addressing optical limitations in a $5B+ EO market.[2][8] It influences the ecosystem by enabling downstream AI analytics, fostering partnerships (e.g., ESA, Esri, Rheinmetall), and setting standards for frequent, high-fidelity data access, boosting community resilience and sustainable development.[3][5][8]
ICEYE is poised for explosive growth, with plans for more launches to expand its constellation beyond 54 satellites, enhancing resolution, coverage, and AI-integrated insights like automated change detection.[4][6][7] Trends shaping its path include surging defense budgets, climate tech investments, and integration with edge AI for predictive analytics in insurance and security. Its influence will evolve from data provider to ecosystem orchestrator, powering global decision-making in an era of constant change—cementing its role as the definitive source for SAR-driven Earth intelligence, much like its opening mission to empower better decisions worldwide.[3][8]