New Radar Satellites Increase Customer Opportunities For Finnish Firm

An ICEYE image of Indonesia.

An ICEYE image of Indonesia.

ICEYE

Finnish startup ICEYE, a member of Forbes' 30 Under 30 Europe list in 2018, has two new radar satellites ready for service.

The synthetic-aperture radar company announced that the satellite pair, which launched in July, finished their commissioning (or testing) phase and are now in place to receive customer orders.

The two new satellites will allow the constellation to “revisit” – or to have satellites passing over – the same location more frequently, “which further ensures our customers don’t have to wait for imaging,” said Pekka Laurila, chief strategy officer of ICEYE, in a statement.

“With this dramatic increase in imaging capacity, we are able to also serve segments such as the insurance and energy industries with tailored information solutions that bring more direct value to their needs,” Laurila added.

ICEYE demonstrated the capabilities of the new satellites using a composite image of vessels in the port of Gothenberg, Sweden. Combined satellite images show their positions changing in only a few minutes — with one leaving the port, and another approaching an oil terminal.

ICEYE plans to launch two more SAR satellites by the end of this year to further increase the revisit rate. The company receives its revenues from two segments — government and commercial partnerships, and from radar data consumers and value-added service consumers. ICEYE, a startup, only discloses partial financial information. A recent Series B round raised $65 million for the company.

"We're growing fast and gaining new customers as we extend our capacity," CEO Rafal Modrzewski said in an interview in April. "SAR is not a simple technology to master. It is heavy on early investments rather than early heavy revenue. We're on track as would be expected, and I'm extremely proud of our team’s achievements."

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Finnish startup ICEYE, a member of Forbes' 30 Under 30 Europe list in 2018, has two new radar satellites ready for service.

The synthetic-aperture radar company announced that the satellite pair, which launched in July, finished their commissioning (or testing) phase and are now in place to receive customer orders.

The two new satellites will allow the constellation to “revisit” – or to have satellites passing over – the same location more frequently, “which further ensures our customers don’t have to wait for imaging,” said Pekka Laurila, chief strategy officer of ICEYE, in a statement.

“With this dramatic increase in imaging capacity, we are able to also serve segments such as the insurance and energy industries with tailored information solutions that bring more direct value to their needs,” Laurila added.

ICEYE demonstrated the capabilities of the new satellites using a composite image of vessels in the port of Gothenberg, Sweden. Combined satellite images show their positions changing in only a few minutes — with one leaving the port, and another approaching an oil terminal.

ICEYE plans to launch two more SAR satellites by the end of this year to further increase the revisit rate. The company receives its revenues from two segments — government and commercial partnerships, and from radar data consumers and value-added service consumers. ICEYE, a startup, only discloses partial financial information. A recent Series B round raised $65 million for the company.

"We're growing fast and gaining new customers as we extend our capacity," CEO Rafal Modrzewski said in an interview in April. "SAR is not a simple technology to master. It is heavy on early investments rather than early heavy revenue. We're on track as would be expected, and I'm extremely proud of our team’s achievements."

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I've been writing about space exploration since 2004. I began full-time freelancing about this topic in September 2012, after working as a business reporter, copy editor...