Molten Ventures participates in $136 million Series D in ICEYE

We are delighted to announce that today Molten Ventures has participated in a $136m Series D funding round in ICEYE, a world-leading synthetic-aperture radar (SAR) data provider and expert in National Catastrophe (NatCat) solutions.

ICEYE owns the world's largest synthetic-aperture radar satellite constellation and has successfully launched 16 satellite missions in total since its first spacecraft was placed into orbit only four years ago. Its constellation delivers persistent monitoring capabilities for any location on earth and is designed to provide customers with reliable and frequent imagery, enabling the rapid detection and tracking of changes on the Earth’s surface, regardless of time of day or weather conditions. This capability is useful for a range of applications including insurance loss adjustment, natural catastrophe response and recovery, national security, humanitarian relief and climate change monitoring.

The Company designs, manufactures and operates its SAR satellites in-house and, on 13 January 2022, launched two SAR satellites from Cape Canaveral, Florida - the first built, licensed and operated by ICEYE US. It intends to use the new funds to grow its innovative NatCat solutions offering and to further develop its satellite constellation and technology, reducing time to access and increasing the visiting frequency of its satellites.

The company will also make further investments towards international growth, particularly in its analytics services, which includes artificial intelligence and machine learning.

The round was led by Seraphim Space, with Molten, OTB Ventures, True Ventures, C16 Ventures, Chione Ltd, Services Group of America, the UK’s National Security Strategic Investment Fund (NSSIF), Space Capital and Promus Ventures also participating. New strategic investors include BAE Systems and Kajima Ventures. Morgan Stanley & Co. LLC served as placement agent for the transaction. In conjunction with OTB Ventures, the European Investment Fund (EIF) participated as an investor through the InnovFin For Equity (IFE) programme, which is backed by the European Commission.

Rafal Modrzewski, Chief Executive Officer and Co-founder of ICEYE, said:

"Our entire ICEYE team has built a solid reputation by delivering concrete results to our customers with unmatched timelines and quality of service. We are proud of that track record, and we intend to build and improve upon it. With this new funding round, we’ll be able to continue expanding our operations and further develop our NatCat solutions which is an important focus area to accelerate our growth.”

Susan Repo, Chief Financial Officer at ICEYE, said:

“This round of funding shows the confidence our new and returning investors have in ICEYE and ensures the company will continue on its path for growth. We are proud of our ability to meet our customers at their point of need, and this financing will help us continue to do exactly that.”

Vinoth Jayakumar, Partner, Molten Ventures added:

“ICEYE has consistently shown that the ambition of achieving real-time earth observation through micro-satellite constellations is safe in its charge. We are impressed with both its commercial traction and its ability to secure contracts that demand the highest level of trust, integrity and technological prowess. It is an easy decision to continue backing companies like ICEYE, and we look forward together to building a better connected, more intelligent and ultimately safer world.”