An Iceye satellite in orbit. Photo: Iceye

Iceye closed $65 million in extension funding, taking the company’s total raised in 2024 to $158 million. The funding round extension included participation from funds managed by Finnish sovereign wealth fund Solidium Oy, BlackRock, Seraphim, Plio Limited, and Christo Georgiev.

The financing announced Dec. 18 consists of a mix of debt and equity instruments. Iceye plans to use the funds to further build out its synthetic aperture radar (SAR) constellation, its intelligence, surveillance, and reconnaissance (ISR) platform, and related systems. 

This comes after Iceye raised $93 million in April, led by Solidium Oy. Overall, the company has raised more than $500 million. 

“Extending the growth funding to support Iceye growth is well in line with our investment strategy. Our view is that Iceye continues to have strong potential to grow to a nationally significant company and foster a completely new technology cluster in Finland,” commented Solidium CEO Reima Rytsölä. 

Iceye CFO Susan Repo said this funding will help the company respond to growing demand in the global defense and ISR markets. The company signed a number of deals this year growing its international presence, including a contract to build two sovereign satellites for Greece, and a new joint venture in the UAE with Space42.