Espoo-based satellite and defence technology company ICEYE has raised €450 million in a major Series F funding round led by General Atlantic. The round values ICEYE at more than €10 billion, giving the company decacorn status and making it one of Finland’s most valuable growth companies.
Finnish investors in the round include Solidium, Tesi, Varma, Ilmarinen, Lifeline Ventures and Nokia, the networks company also headquartered in Espoo. Other investors include Qatar Investment Authority (QIA) and TCV.
When the related secondary share sale is included, the Series F transaction totals more than €1 billion.
To date, seven countries in Europe have adopted ICEYE's sovereign satellite systems, making the company a leading player in space-based intelligence.
With the new funding, ICEYE will continue developing its intelligence capabilities to meet growing demand. The company plans to double its annual production capacity from 50 to 100 satellites by 2028.
Read more in ICEYE's press release.
Image: ICEYE
