Iceye in Finland said it had signed contracts for $50m for radar satellite imaging services, solutions, and satellite missions, ten times the turnover from 2019.
ICEYE is a pioneer in creating solutions relevant for natural catastrophe response with satellite imaging augmented with third-party data and real-time flood analysis. Earlier this month, the company announced a strategic partnership with Swiss Re, one of the world's leading reinsurers to to generate fast and accurate portfolio and event-level loss numbers for the industry.
The company is developing a next-generation satellite with new capabilities later this year.
“We are very excited to see the solutions business growing so fast. The satellites are primarily a data collection tool. ICEYE is a data company and its mission transforms businesses with the use of real-time earth observation,” said Rafal Modrzewski, CEO and Co-founder of ICEYE. “With the momentum built up last year, ICEYE continues as the foremost provider of SAR data and solutions based on radar satellite imaging in the world.”
It has also hired Alan Thompson as VP Engineering and Shay Strong as VP Analytics. Thompson is a leading satellite radar engineer with more than twenty years at MDA, including ten years as Chief Systems Engineer for the Canadian RADARSAT Constellation Mission.
Strong joins the company with over two decades in research and leadership in developing and deploying machine learning algorithms for remote sensing imagery.
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