Finnish satellite imagery venture ICEYE closed an $136 million round of venture capital fundraising, led by U.K. fund Seraphim Space.
The company plans to add to its spacecraft fleet in orbit and build out its growing natural catastrophe detection product line.
"This financing has really been built around the further growth of the natural catastrophe product line," ICEYE CEO co-founder and CEO Rafal Modrzewski told CNBC, adding that "flood monitoring is really the prime product right now ... [but] we want to cover wildfire, we want to cover wind, we want to cover hail."
The company's business is based upon combining a special type of imagery, called synthetic aperture radar , with a form factor the size of a suitcase – reducing the cost of launching multiple satellites to create a network that can image places on Earth multiple times a day. SAR satellites are able to capture images of the surface at night and through clouds, a key advantage over traditional imaging satellites.
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