Space Technology Startup Iceye Raises $2.8 Million Series A
November 12, 2015
Iceye announced today a $2.8 million Series A funding round led by True Ventures, with participation from Lifeline Ventures and Founder.org. In September, ICEYE also secured € 2.5 million in R&D funding from SME Instrument within EU Horizon 2020.
Iceye provides quick-response imagery from space with microsatellites equipped with imaging radar technology. The Iceye instrument can see through clouds, obscuring weather, and in the dark-all conditions that limit camera-based services in situations where waiting for daylight and nice weather is not an option.
Iceye's imaging radar instrument allows the company to supply unique, near-real-time imagery globally, with groups of small satellites. With the radar instrument, the satellites can acquire images regardless of weather or daylight conditions, so the information will be available even in situations where camera-based satellites cannot see the target. This new reliable data source is needed not only by industries such as logistics, insurance, and energy, but also by organizations monitoring climate and environment, or providing search and rescue services.
Co-founder and CEO Rafal Modrzewski described one such use case:
"Just last week, we were in Greece to help the aid organizations. They are struggling to rescue the refugees crossing the bay to Lesvos in their overcrowded boats," he said. "We brought ground-based radars to track the vessels and they were game-changing to the rescue operation-but their range is limited. The order-to-delivery time for commercially available satellite imagery is around a week, which doesn't help if the boats can capsize and disappear in minutes. That's why we are working hard every day to get our own service up and running," he said.
"Governmental and military operators own and use radar satellites already," added Pekka Laurila, co-founder and CFO. "We want to make this technology accessible to everyone at a commercially feasible cost level, which means reducing the satellite unit prices over 100-fold compared to traditional satellites. One of the ways we achieve this is by utilizing off-the-shelf mobile electronics and mass manufacturing."
"The need and opportunity for Iceye's satellites are enormous," said Jyri Engeström, member of the investment team at True Ventures. "From forest fires, to floods, to search and rescue operations, to agricultural uses, Iceye will be able to provide critical real-time information that today's technology cannot. The market for this product is real and we believe this is the team to lead it."
