ICEYE, a satellite imaging firm, continues to grow throughout the United States, securing $50 million in deals last year


ICEYE, a Finnish satellite imaging company, announced Wednesday that it negotiated $50 million in deals for its services in the United States last year while also recruiting some new executives, such as a former Tesla executive. Last year’s overall revenue increase, according to ICEYE co-founder as well as Chief executive Rafal Modrzewski, was “an unexpected outcome” considering the COVID-19 epidemic and reflected contract development of nearly ten times what the business signed in 2019. Modrzewski stated, “It was certainly beyond standards, and we see this pattern continuing.”

The company’s business model is built on integrating synthetic aperture radar (SAR) imagery into a suitcase-sized form factor, lowering the expense of launching several satellites to build a network that can photograph locations on Earth numerous times a day. ICEYE isn’t the only company pursuing the SAR imaging business. Capella Space, headquartered in San Francisco, recently launched its own SAR satellites into orbit to grab a portion of the $60 billion Earth intelligence industry. “The industrial sector had the highest increase in terms of a percentage… in terms of revenue,” Modrzewski added.

According to Modrzewski, the organization is already working to raise sales from “tens of millions of booked deals to hundreds of millions.” As a result, ICEYE has had to recruit more executives to “be able to navigate the hyper-growth period,” he said, with the firm’s international headcount now at 280. “Our strategy for 2021 is to upgrade the constellation and expand manufacturing capacity to retain the foundation since we have to meet consumer demand,” Modrzewski explained.

Modrzewski’s group, which was created in 2015, has raised over $150 million in venture capital and has sent ten satellites into orbit. ICEYE, on the other hand, expects to double the number this year, with three separate missions slated to send another ten satellites into space. The satellites will display ICEYE’s next wave of capabilities, with the first being technology demos, according to Modrzewski. “We usually name such satellite demos because they’re the first ones, although we can’t promise maximum commercial capability from them, even if we’ll reach for 100 percent of the architecture. Then, most likely, the follow-up missions would be of that age, albeit on a commercial ground,” Modrzewski added.

Although the next-generation ICEYE satellites have a range of upgrades, Modrzewski stressed the inclusion of a “multi-spot feature,” which enables the satellite to pass over a position just once and deliver several photos at the same time. ICEYE’s latest satellites will also record 100-kilometer swaths, provide “much higher resolution” than its existing 25-centimeter offering, and provide consumers quicker images.

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