ICEYE History

ICEYE History Timeline

2012 - 2014 Idea & Feasibility

The ICEYE team originated from the university nanosatellite group Aalto-1. There was a joint course organized by the Aalto Business School and the Stanford University Technology Ventures program, which called for technical teams to join. The course took place during the spring term of 2012. The team had to become experts in every piece of design and implementation of Synthetic-Aperture Radar - learning by doing was a defining characteristic of the team from early on. The first prototypes in hardware development can look pretty crude, but it turns out that there are no shortcuts.


ICEYE has secured $2.8M in R&D funding from SME Instrument within EU Horizon 2020 as well as $2.8M financing from True Ventures, with participation from Lifeline Ventures and


A-round of $13M in funding, including an $8.5M financing round led by Draper Nexus. This $8.5M round also included participation from True Ventures, Lifeline Ventures, Space Angels, and Draper Associates. Additional funding was received from Finnish Funding Agency for Innovations.


ICEYE-X1 is ICEYE's first proof-of-concept microsatellite mission with a SAR sensor as its payload. It was launched on January 12th, 2018. ICEYE-X1 is also the world's first SAR satellite in this size (under 100kg), enabling radar imaging of the Earth through clouds and even in total darkness. The satellite is the very first Finnish commercial satellite.


A-round of $13M in funding, including an $8.5M financing round ICEYE’s Series B funding round of $34M includes financial backing from previous investors True Ventures, Draper Nexus, Draper Associates, Seraphim Capital and Space Angels. The funding round is joined by new ICEYE investors OTB, Tesi, Draper Esprit and Promus Ventures. To date, ICEYE has raised a total of $53M, including government financing from Finland and the EU’s Horizon 2020 program.


The ICEYE-X2 satellite was delivered into orbit via Spaceflight’s SSO-A: SmallSat Express mission aboard a SpaceX Falcon 9 rocket on December 3rd, 2018, from Vandenberg Air Force Base, California. The launch represents ICEYE’s second satellite successfully placed into orbit within one year and made history as first ever Finnish-Polish satellite.


ICEYE has demonstrated a lead time of 15 minutes from image acquisition to processed SAR image delivery thanks to the partnership with KSAT and their joint offering of full SAR Ground Segment services.


ICEYE reported successful July 2019 Launch of two SAR Satellites. The two SAR units were launched on a rideshare mission managed by Exolaunch on July 05 2019 at 05:41 UTC.


ICEYE announced that its recently developed Spotlight imaging mode, which enables 1-meter radar imaging from the company’s satellite constellation, is now commercially available to its customers around the world. 


Two new SAR imaging modes are available for orders worldwide: Spotlight High and Stripmap High provide finer resolution of ICEYE's standard Stripmap and Spotlight imaging mode.  


ICEYE has closed a larger than planned $87M Series C funding. This financing round includes participation from return investors True Ventures, OTB Ventures, Finnish Industry Investment (Tesi), Draper Esprit, DNX Ventures, Draper Associates, Seraphim Capital, Promus Ventures and Space Angels. The funding round is joined by New Space Capital and Luxembourg Future Fund. To date, ICEYE has raised a total of $152M in financing.

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