Funding round
ICEYE Series B
ICEYE, which works in satellite constellation manufacturing and operation in Espoo, raised $34M in a Series B round announced on 24 May 2018, led by True Ventures. 10 firms took part, 6 of them already investors. It is ICEYE's second venture round on record; the one before was a Series A in Nov 2015.
$34M
Amount raised
Not disclosed
Post-money valuation
10
Investors
1 lead
Valuation
What this round says about the price
ICEYE did not disclose a valuation in this round. It came 30 months after ICEYE's Series A. It is 3.3% of the $1.02B ICEYE has raised in the venture rounds on record. ICEYE raised again 28 months later: a Series C round of $87M in Sep 2020. Its next priced round, a Series E in Dec 2025, valued it at $2.80B.
ICEYE's funding rounds
ICEYE has 7 venture rounds on record and 3 other deals. This one is highlighted.
- Series A 12 Nov 2015, led by True Ventures $2.8M
- Other not a venture round 23 Aug 2017, led by DNX Ventures $13M
- Series B this round 24 May 2018, led by True Ventures $34M
- Series C 22 Sep 2020, led by True Ventures $87M
- Series D 3 Feb 2022, led by Seraphim Space $136M
- Bridge 18 Dec 2024 $65M
- Series E 5 Dec 2025, led by General Catalyst $175M$2.80B post-money
- Grant not a venture round 1 Jun 2026 $33M
- Debt not a venture round 9 Jun 2026 $346M
- Series F 9 Jun 2026, led by General Atlantic $520M$11.55B post-money
Investors
Who put money in
True Ventures led the round with 9 other firms. True Ventures, Draper Associates, DNX Ventures and Draper Associates and 2 more had backed ICEYE before.
Lead investor
- backs 158 venture-backed companies existing investor
Also in the round
- backs 105 venture-backed companies existing investor
- backs 57 venture-backed companies existing investor
- Draper Associates existing investor
- backs 37 venture-backed companies existing investor
- backs 34 venture-backed companies existing investor
- OTB Ventures backs 27 venture-backed companies new investor
- backs 54 venture-backed companies new investor
- backs 66 venture-backed companies new investor
- backs 31 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, scaling operations and working capital.
- Product development
- Scaling operations
- Working capital
Comparable rounds
How it compares
11 Series B rounds in Aerospace and Defence within a year either side disclosed an amount; the median was $19M, and this round was 1.8 times the median. The closest in time, other companies' Series B rounds in Aerospace and Defence:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Aerospace and Defence | 15 May 2018 | $60M | not disclosed | Horizons Ventures |
| Relativity Space Aerospace and Defence | 27 Mar 2018 | $35M | not disclosed | Playground |
| Aerospace and Defence | 6 Aug 2018 | $36M | not disclosed | not named |
| Aerospace and Defence | 26 Sep 2018 | $19M | not disclosed | Spark Capital and DCVC |
| Aerospace and Defence | 24 Sep 2018 | $2.5M | not disclosed | Hegemon Capital |
| Aerospace and Defence | 1 Oct 2018 | $14M | not disclosed | Main Sequence and Blackbird |
| Aerospace and Defence | 13 Nov 2018 | $11M | not disclosed | ETF Partners and Swisscom Ventures |
| Aerospace and Defence | 27 Nov 2017 | $5.0M | not disclosed | Airbus Ventures |
Sources
Where this comes from
Reported by 6 sources.
Questions
Frequently asked
How much did ICEYE raise in its Series B round?
ICEYE raised $34M in its Series B round, announced in May 2018.
Who led ICEYE's Series B round?
True Ventures led it, with Draper Associates, DNX Ventures, Draper Associates, Seraphim Space and Space Capital and 4 more.
What was ICEYE's valuation at the Series B round?
It was not disclosed.
How does it compare with other Series B rounds in Aerospace and Defence?
11 Series B rounds in Aerospace and Defence within a year either side disclosed an amount; the median was $19M, and this round was 1.8 times the median.
Did ICEYE raise again after this round?
Yes: a Series C round in Sep 2020 of $87M.