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 Founder.org.
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, on ISRO’s PSLV-C40 rocket from Satish Dhawan Space Center in India. 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.
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.
Following the 2018 launches of ICEYE-X1 and ICEYE-X2, ICEYE has secured the necessary funding to launch the largest SAR satellite constellation in the world by the end of 2019.