Earth Observation (EO) is among the most vital technologies for humanity’s goal of understanding the environment and general information about the planet Earth. Satellite imagery captured by EO satellites helps humankind identify how activities cause changes in the planet’s ecosystems, such as vegetation, physical landscapes, ocean waters, etc. Remote Sensing (RS) technologies make it possible to obtain information about an object without making any physical contact with it. Satellite corporations continue to deploy more advanced EO satellites that collect satellite images with high resolutions and more details. These companies outsource funds that facilitate the developments in design, architecture, range of performance, and integrity of the network communications between the EO satellites and ground-based control stations.
Iceye is one of the big-name startup company that builds, deploys, and operates radar satellites and EO satellites. On September 22, Iceye announced that it raised $87 million during its Series C investment round. The funding phase adds to the company’s total investment of $152 million. Mark Matossian, the chief executive of Iceye US, says that the company is excited after closing the big investment deal in the Series C round. Iceye is making launch preparations for this year’s inauguration of its four miniature Synthetic Aperture Radar (SAR) satellites. The startup company schedules for more than eight launches of similar SAR satellites. Moreover, Iceye US commenced a search for a manufacturing site within the United States.
Early this year, Matossian lead a team from Iceye to open its U. S. office located in the San Francisco Bay Area. Matossian is in charge of multiple aerospace projects at Google, such as Terra Bella, on the Earth-imaging ventures. Iceye manages a cluster of three SAR satellites, each weighing 100 kilograms. A European company designed, manufactured, and tested the three miniature Synthetic Aperture Radar operated by Iceye. The startup company, established back in 2014, continues to manage missions dedicated to serving non-military customer demand. Rafal Modrzewski, the chief executive and co-founders of Iceye, said that the funding ensures that its satellite constellation reaches more than 12 miniature SAR satellites. The ambitious goal to operate such a cluster of satellites guarantees at least four global revisits every day.
True Ventures, a Silicon Valley venture capital organization, led Iceye during its Series A, Series B, and Series C investment rounds. Some of Iceye’s investors that decided to raise their stake are Space Angels, Promus Ventures, Seraphim Capital, OTB Ventures, Finnish Industry Investment, and Draper Associates of San Mateo. On the other hand, the new investors are the European Investment Fund, Luxembourg Future Fund, and New Space Capital.
In conclusion, OTB Ventures is a company that supports technology cooperation located in Eastern and Central Europe. The company dedicated $30 million to Iceye during the Series C funding phase.