Finland’s Business Finland has approved a €28.3 million continuation grant for ICEYE’s R&D programme, the final tranche of a previously announced investment decision to advance next-generation SAR and AI-enabled satellite intelligence.
The grant lands as ICEYE hits one satellite per week in production, targets 100 satellites per year by 2028, and is reportedly in talks to raise €250 million at a valuation that could reach €5 billion.
The global SAR market is projected to grow from $7.45 billion in 2026 to $18.81 billion by 2034 and ICEYE, with 72 satellites launched and over 1,000 employees, is currently its best-funded private operator.
When governments need to know what is happening on the other side of a cloud bank, in the middle of the night, through a sandstorm or a wildfire, they increasingly call the same Finnish company.
ICEYE, the Espoo-headquartered synthetic aperture radar satellite company founded in 2014 by Rafał Modrzewski and Pekka Laurila as an Aalto University spin-off, has received a €28.3 million continuation grant from Business Finland, the final tranche of a previously approved major R&D investment decision.
