Draper Nexus leads $13m round for Finland-based Iceye

The VC invested $8.5m, with further participation from True Ventures, Lifeline Ventures, Space Angels and Draper Associates.

The fresh capital will enable the business to scale up operations, including manufacturing of its SAR technology built from off-the-shelf components, and launch additional satellites. It plans to launch its first three microsatellites equipped with SAR sensors over the next 12 months, delivering earth observation data to customers thereafter.

The latest investment round will bring the total raised by Iceye to $18.7m, including investments from the European Union's Horizon 2020 Research and Innovation Program.

Company
Founded in 2014, Iceye has developed an SAR sensor to offer imaging services, and provides real-time access to imagery where optical imaging cannot. It hopes to be the first organisation in the world to launch SAR microsatellites, in 2018. Iceye is based in Espoo, Finland.

People
Iceye – Rafal Modrzewski (CEO, co-founder).
Draper Nexus – Q Motiwala (managing director).

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