ICEYE is transforming how governments see the world. From launching the first microsatellite with radar vision to signing multi-hundred-million defence contracts, ICEYE has become a cornerstone of space-based intelligence.
As a result of its continued success, ICEYE has raised a total of $500M across 16 funding rounds. Its largest round in 2022, led by Seraphim, was a $136M Series D. Other notable investors include BlackRock and BAE Systems and state-owned Solidium (Finland) and Vinci (Poland).
ICEYE shows how foresight and conviction in breakthrough technologies can redefine global security, resilience, and sovereignty.
The Big Problem: Seeing Through the Clouds
Today, crises unfold faster than ever, making reliable Earth observation essential for governments and the commercial world alike. The challenge? Traditional satellites are limited: they depend on sunlight and can’t see through cloud or darkness. For defence, disaster response, and environmental monitoring, that means costly delays and dangerous blind spots.
Imagine trying to manage floods, wildfires, or critical infrastructure with one eye closed. That’s what most satellites were like, until ICEYE changed the game.
ICEYE uses Synthetic Aperture Radar (SAR), a special kind of radar that “sees” the Earth’s surface regardless of weather or daylight. Its microsatellites can capture images in near real time, even at night or through cloud cover. It operates the world’s largest constellation of these satellites.
ICEYE’s Steve Young explains SAR below.
The Team Behind ICEYE
ICEYE was founded in 2014 by Rafal Modrzewski and Pekka Laurila, who met while studying at Aalto University in Finland. Originating from the Aalto-1 university nanosatellite programme, the pair were part of a pioneering student team exploring how small satellites could deliver meaningful, real-time Earth observation data.
Drawing on their early experience in hands-on satellite design, Modrzewski and Laurila set out to commercialise synthetic aperture radar (SAR) technology by miniaturising it for agile, microsatellite platforms. Their vision was simple but radical: to give governments, insurers, and humanitarian organisations access to reliable, near-real-time data from space, regardless of weather or light conditions. Today, that vision has positioned ICEYE as a global leader in persistent Earth observation and SAR innovation.
Momentum and Milestones: A Global Defence Powerhouse
As of June 2025, ICEYE has launched 54 satellites into orbit, delivering exceptional results across both defence and commercial applications. Its growth has been propelled by a series of strategic, high-value partnerships and government contracts, underscoring its position as a global leader in synthetic aperture radar (SAR) technology.
Key recent contracts include:
- Finland — €158M satellite acquisition deal with the Finnish Defence Forces
- Poland — Investment and constellation contract to enhance national security
- Rheinmetall — Joint venture to strengthen European defence capabilities
- Japan — Collaboration with IHI to develop a national SAR satellite network
- NATO — Supplying near-real-time radar data to NATO headquarters
- Portugal — Agreement to deliver SAR capabilities to the Portuguese Air Force
- Netherlands — Partnership with the Royal Netherlands Air Force
By providing independent intelligence, surveillance, and reconnaissance capabilities, ICEYE enables nations to make faster, better-informed decisions in an increasingly uncertain world.
Disaster Response: California and Texas
Beyond defence, ICEYE’s satellites are transforming humanitarian response and environmental monitoring across the globe. During the recent California wildfires, ICEYE provided critical situational data when traditional information sources could not keep pace. Its observed data offered trusted, ground-truth insights precisely when they were most needed. For emergency management teams, it ensured continuous situational awareness even when ground access was restricted, enabling smarter evacuation planning, faster response coordination, and ultimately, a more effective recovery.
[California Wildfires Left; Texas Floods Right]
Similarly, in July, a complex thunderstorm system brought intense rainfall to large parts of central and western Texas. The resulting runoff triggered flash flood emergencies across multiple river systems. ICEYE began monitoring the area on 4 July, with its first SAR satellite acquisition conducted the same day. The peak monitoring period continued through 7 July, during which ICEYE delivered its first Flood Insights release on 5 July. Once again, ICEYE provided near real-time situational awareness to support coordinated disaster response efforts and enable a more effective recovery.
Both ICEYE’s defence contracts and commercial activities reflect Seraphim’s broader mission: to back technologies that make the world safer, smarter, and more sustainable.
Tune into our latest podcast with ICEYE to learn more about how ICEYE is safeguarding the planet.
Seraphim’s Role: Backing the Vision Early
From the very beginning, Seraphim recognised ICEYE’s potential, first investing in 2017 and continuing to back the company ever since. We have supported not just the product, but the team behind it, a group with the ambition and technical brilliance to reshape how the world observes itself.
Today, ICEYE stands as the largest holding within the Seraphim Space Investment Trust the world’s first listed SpaceTech fund, a reflection of both its commercial success and the confidence we place in its vision.
ICEYE’s evolution from a university spin-out to a global intelligence leader embodies what Seraphim does best: identifying transformative technologies early and helping them realise their full potential on the world stage.
Looking Ahead: From Science Fiction to Science Fact
As ICEYE continues its global expansion, the company’s focus is shifting towards real-time analytics, artificial intelligence, and deeper integration with both government and industry systems. These advancements are set to redefine how nations anticipate, prepare for, and respond to an increasingly unpredictable world.
With revenues projected to rise from approximately $155 million to $290 million, ICEYE’s growth trajectory shows no sign of slowing.
For Seraphim, ICEYE represents the journey from breakthrough idea to global impact. Or, as we like to say, from Science Fiction to Science Fact.
