ICEYE has closed a €1 billion Series F round at a valuation above €10 billion, with the European Commission-backed Scaleup Europe Fund making its debut investment by co-leading the deal.
The Espoo, Finland-based company, which operates the world’s largest synthetic aperture radar satellite constellation, raised €450 million in primary investment as part of the round. EQT manages the Scaleup Europe Fund, which the European Commission established alongside a group of European investors to keep fast-growing companies in Europe.
European Commission President Ursula von der Leyen framed the investment as a bet on Europe’s innovators, saying the fund will ensure scale-ups find what they need at home to grow into world-leading companies.
Founded in 2015, ICEYE provides persistent monitoring that can detect and respond to changes anywhere on Earth, serving defense and commercial customers across weather conditions and at night. The company earlier this year secured a €300 million revolving credit facility to support its expansion.
The round signals deepening state involvement in European deep tech, as public capital moves to back strategic sectors like space alongside private investors. For ICEYE, the fresh funds arrive as demand for radar-based earth observation grows across both government and commercial markets, with its satellite network expanding to meet it.
