Finnish satellite company ICEYE, the world leader in its segment, has raised EUR 450 million in new growth capital in a funding round led by General Atlantic. Together with a secondary placement, the round closed at a valuation of EUR 10.5 billion, exceeding EUR 1 billion in total. Following the completion of the round, Tesi holds the largest ownership stake among Finnish investors.
Tesi participated in the round alongside Finnish investors Solidium, Ilmarinen, Varma, Nokia and Lifeline Ventures, as well as Qatar Investment Authority (QIA) and U.S.-based TCV. Following the round, the Finnish state holds approximately 12% of ICEYE through Tesi and Solidium, while Finnish institutional investors in total own around 17%.
Founded in 2014, ICEYE is one of the most significant Finnish deep technology and dual-use companies. A fast-growing global business, ICEYE manufactures and operates small SAR satellites capable of imaging the Earth through cloud cover, day or night.
“Over the past decade, Finland has built a strong and growing space industry. Space technology is a strategically important area of strength for Finland, and the state supports its development in multiple ways. Finland has been involved in ICEYE as an investor through Tesi since an early stage. The company has grown rapidly, and we are also participating in this funding round,” says Minister of Economic Affairs Sakari Puisto.
“Finland’s growth company ecosystem has developed positively in recent years. I am particularly pleased to see leading companies reaching internationally significant valuations above EUR 10 billion,” Minister Puisto continues.
“Tesi has been part of ICEYE’s growth journey from the very beginning. As a growth investor, our goal is to strengthen Finnish companies with exceptional potential for scalable growth in strategically significant sectors. ICEYE is one of the most promising and nationally significant fast-growing technology companies in Finland,” says Juha Lehtola, Director of Venture and Growth Investments at Tesi.
Tesi’s portfolio fund Lifeline Ventures invested in ICEYE first, in 2014. Since then, Tesi has made direct investments in the company in 2018, 2022 and 2025. Through its investments, Tesi has also channelled EU financing into ICEYE via the FEFSI co-investment facility established together with the European Investment Bank.
The funding round is one of the largest ever raised in Finland. Following Oura (2025) and Supercell (2016), ICEYE is Finland’s third decacorn, defined as a startup valued at over USD 10 billion. Tesi has been an investor in both Oura and ICEYE since their early stages.
***
Additional information:
Juha Lehtola, Director, Venture & Growth Investments
juha.lehtola@tesi.fi
+358 40 064 7671
