True Ventures leads €29m series-B for Iceye

Previous investors Draper Nexus, Draper Associates, Seraphim Capital and Space Angels Network also participated in the round. In addition, the funding round included new investors OTB, Tesi, Draper Esprit and Promus Ventures.

The Espoo-based company has raised a total of $53m to date, including government financing from Finland and the EU's Horizon 2020 program.

With the fresh capital, Iceye plans on fast-tracking the launch of further satellites this year. It will also use the financing to expand its analytics services and continue developing its SAR technology.

Previous funding
Lifeline Ventures, True Ventures and Founder.org structured an early-stage round for the business in November 2015. The funding amounted to $2.8m.

Early-stage venture capital fund Draper Nexus led a $13m funding round in August 2017. The VC invested $8.5m, with further participation from True Ventures, Lifeline Ventures, Space Angels and Draper Associates. This investment round brought the total raised by Iceye to $18.7m.

Company
Established in 2014, Iceye is a provider of real-time access to imagery through optical imaging technology. Headquartered in Espoo, Finland, the company enables users to monitor illegal fishing, oil spills, storm damage and forest growth.

Following the January 2018 launch of Iceye-X1, the startup is launching two additional satellites this year, aiming for a total of nine upcoming satellite launches by the end of 2019.

People
Iceye – Rafal Modrzewski (CEO, co-founder).
Draper Nexus – Q Motiwala (managing director).
True Ventures – Rohit Sharma (partner).
Tesi – Jussi Sainiemi (investment director).

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• Topics
• Early-stage
• Nordics
• Technology
• Sweden
• Venture
• Seraphim Capital
• Draper Esprit