ICEYE described the funding as part of continued support for the development of sovereign intelligence from space. The company said persistent and reliable space-based intelligence is becoming increasingly important as European nations invest in sovereign defence and national resilience.
ICEYE said the grant will accelerate advances across its technology portfolio. The R&D work will focus on improving sensing capabilities, data collection and AI-driven analysis.
The company is also working with European command-and-control system integrators. That cooperation is intended to advance multi-source data fusion.
ICEYE said it is scaling rapidly to meet growing demand for space-based intelligence. Since 2018, the company has launched 72 satellites and recently reached a production rate of one satellite per week.
The company is targeting annual production capacity of 100 satellites by 2028. It plans to launch 25 satellites in 2026 and more than 50 in 2027.
ICEYE said sustaining this growth requires continued investment in R&D, production facilities and highly skilled personnel. The company’s expansion is linked to demand from allied nations and governments for next-generation synthetic aperture radar, software and AI-enabled capabilities.
ICEYE’s software-defined satellites provide commercial SAR imagery with resolution up to 16 cm. The company said its high-resolution field of regard extends to 400 km.
ICEYE said its end-to-end sovereign intelligence system includes satellites, ground infrastructure, AI-enabled processing and analytics. The system is designed to provide allied nations with persistent situational awareness day or night and in any weather.
“Business Finland’s continued support reflects ICEYE’s strong execution and the progress achieved under the R&D program. Together, we are strengthening Finnish expertise, scaling domestic R&D, and accelerating technologies that enhance national resilience, situational awareness and sovereign capabilities,” said Pekka Laurila, Co-founder and Chief Strategy Officer at ICEYE.
“Business Finland supports ambitious risk taking and shares the risk — funding is often provided in stages. The results of the first phase of ICEYE’s large project have been achieved, and it is great to be able to move forward with the continuation funding. This grant decision of €28 million is a testament both to ICEYE’s capabilities and to the position of Finnish technology development at the international forefront,” said Lassi Noponen, Director General at Business Finland.
Separately, ICEYE has secured a €300 million revolving credit facility. The company said the facility further strengthens its financial flexibility as it scales production, accelerates technology development and deploys sovereign space-based intelligence capabilities for allied nations.
