ICEYE, an internationally operating new space technology company, develops microsatellites equipped with synthetic aperture radar (SAR) technology, offering near real-time radar imagery of Earth regardless of time of day or weather conditions. Founded in 2014, ICEYE provides SAR satellite missions, data and solutions to international corporations and government authorities, revolutionizing Earth observation with its cutting-edge technology.
The company’s founders, Rafal Modrzewski and Pekka Laurila, met at Aalto University, where they were a part of a space-enthusiast community exploring new ways to develop and manufacture satellites. Modrzewski and Laurila saw great potential in space technology but recognized that the industry was stuck in outdated practices.
“The space industry had not updated its practices for decades. It still relied on principles developed in the 1960s, which were based on large and expensive satellites,” explains Modrzewski, ICEYE’s CEO and co-founder.
ICEYE set out to completely transform this approach by building microsatellites that are smaller, faster, and cheaper to produce. This innovation allows satellites to be used in clusters, providing much faster and more accurate data than traditional solutions.
ICEYE’s breakthrough in Earth observation is rooted in its SAR technology. The company operates the world’s largest SAR satellite constellation, having launched close to 40 microsatellites. This enables ICEYE to deliver high-resolution images and data in near real-time, unaffected by weather conditions or the time of day.
The company’s services are indispensable in sectors like insurance, government, defense, environmental monitoring, and disaster management. Customers can purchase their own high-performance ICEYE satellites at a record speed for delivery and launch – and reach space in months, not years. ICEYE provides customers with actionable insights from any location of the Earth, with an expert team handling the collection, analysis, and processing of the data. For example, insurance companies can better assess the impact of natural disasters, governments can monitor climate change, defense forces can track critical areas, and environmental agencies can detect wildfires or earthquakes. By providing timely and accurate data, ICEYE helps organizations make better decisions and respond more quickly in crisis situations.
The role of investors in ICEYE’s growth story
ICEYE has raised substantial funding from domestic and international venture capital firms, which has been crucial to its growth and global success. Lifeline Ventures, a Finnish venture capital firm, was among the first to recognize ICEYE’s potential, investing shortly after its founding in 2015.
“The primary reason we invested in ICEYE was climate change. The world has lacked effective tools to monitor it, but ICEYE’s technology now allows us to observe critical changes in real-time,” says Jyri Engeström, partner at Lifeline Ventures.
ICEYE has raised a total of $438 million from various venture capital investors, making it one of the most well-funded Finnish tech companies. True Ventures, an American tech investor, joined ICEYE early on, facilitating significant funding rounds and helping the company expand both globally and locally.
Beyond providing capital, investors have played a key advisory role. “Our investors have been important advisors and mentors, offering valuable expertise essential to our success,” Modrzewski notes.
ICEYE’s international perspective is also reflected in its diverse board, with all seven members hailing from different countries. This diversity extends to the company’s staff of over 700 employees, representing 65 nationalities and, fostering a range of perspectives that drive innovation. The company operates internationally with headquarters in Finland and offices in Poland, Spain, the UK, and the US, and plans to expand to further countries.
Satellite data and global responsibility
Sustainability is central to ICEYE’s mission, with its satellite data empowering organizations to make informed, data-driven decisions on issues such as climate change and sustainable development. The company collaborates with a wide range of stakeholders to provide precise and timely environmental monitoring data. ICEYE’s ability to address global challenges while promoting sustainability motivates its team daily.
The company’s technology has also been instrumental in crisis prevention and management. During the Syrian refugee crisis, ICEYE’s radar technology was used to detect boats carrying refugees at night, allowing authorities to monitor vessels in the dark and identify capsized boats. In Iceland, ICEYE’s satellite data helped local authorities predict a volcanic eruption, enabling timely evacuations. In both instances, ICEYE’s technology played a critical role in saving lives and mitigating disaster impacts.
A bright future ahead
As the demand for satellite-based data and solutions continues to grow, ICEYE’s future looks promising. With a bold vision of becoming the global source of truth, the company plans to expand into new markets and continuously increase its satellite capacity. By developing a broader range of services, ICEYE aims to cater to a wider customer base and make satellite data more accessible to businesses, opening entirely new market opportunities.
ICEYE’s success is rooted in the founders’ determination and willingness to seize every opportunity and focus on execution. Rafal Modrzewski and Pekka Laurila built ICEYE on innovation and hard work, propelling the company to the forefront of space technology. This approach, combined with a readiness to capitalize on every opportunity, has driven ICEYE’s impressive rise and will continue to shape its future ambitions. ICEYE remains dedicated to improving life on Earth by providing unprecedented access to near real-time information, empowering quick and effective responses to global changes.
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This article is part of the Finnish Venture Capital Association’s and PwC’s Building Growth Competition 2024 blog series, where we present the stories of the competition finalists. You can find more information about the competition on our website. The competition’s winner will be awarded at the Finnish Venture Capital Association’s main event of the year: the Finnish PE-VC Summit on October 3rd, 2024.
