Iceye, which ended 2023 with more than $100m in revenue, has raised another $93m, which brings its total to $438m. The company, founded and run by Rafal Modrzewski, is on course for profitability, according to the press release.

This latest funding round was led by the Finnish pension fund Solidium Oy, which will also grab a seat on the board of the space startup. Also contributing were Move Capital Fund (managed by Kepler Cheuvreux Invest, an AMF-registered management company), Blackwells Capital and Christo Georgiev (former co-owner of the now liquidated Maltese bank Satabank).

Luxembourg Future Fund 1 participated in the company’s Series C round in 2019, supporting the arrival of an Iceye research centre in Luxembourg in 2021. Iceye, which is now headquartered in the United States, has 34 satellites in orbit and 600 employees. Its technology is synthetic aperture radar, which enables very high resolution images.

The startup was ranked 30th out of 1,000 fast-growing start-ups by the FT.

This article in Paperjam. It has been translated and edited for Delano.