Funding round
ICEYE Series C
ICEYE, which works in satellite constellation manufacturing and operation in Espoo, raised $87M in a Series C round announced on 22 Sep 2020, led by True Ventures. 13 firms took part. It is ICEYE's third venture round on record; the one before was a Series B in May 2018.
$87M
Amount raised
Not disclosed
Post-money valuation
13
Investors
1 lead
Valuation
What this round says about the price
ICEYE did not disclose a valuation in this round. It came 28 months after ICEYE's Series B. It is 8.5% of the $1.02B ICEYE has raised in the venture rounds on record. ICEYE raised again 17 months later: a Series D round of $136M in Feb 2022. 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 24 May 2018, led by True Ventures $34M
- Series C this round 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 12 other firms.
Lead investor
- backs 158 venture-backed companies new investor
Also in the round
- OTB Ventures backs 27 venture-backed companies new investor
- backs 54 venture-backed companies new investor
- backs 66 venture-backed companies new investor
- backs 57 venture-backed companies new investor
- backs 105 venture-backed companies new investor
- backs 37 venture-backed companies new investor
- backs 31 venture-backed companies new investor
- backs 34 venture-backed companies new investor
- backs 4 venture-backed companies new investor
- Luxembourg Future Fund new investor
- backs 27 venture-backed companies new investor
- European Investment Bank backs 40 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, scaling operations and working capital.
- Product development
- Geographic expansion
- Scaling operations
- Working capital
Comparable rounds
How it compares
7 Series C rounds in Aerospace and Defence within a year either side disclosed an amount; the median was $90M, and this round was close to the median. The closest in time, other companies' Series C rounds in Aerospace and Defence:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Anduril Aerospace and Defence | 1 Jul 2020 | $200M | $1.90B | Andreessen Horowitz |
| Aerospace and Defence | 17 Dec 2020 | $8.5M | not disclosed | Future Industry and Swisscom Ventures |
| Shield AI Aerospace and Defence | 23 Feb 2021 | $90M | not disclosed | Point72 Ventures |
| Astranis Aerospace and Defence | 14 Apr 2021 | $250M | $1.40B | BlackRock |
| Aerospace and Defence | 14 May 2021 | $24M | not disclosed | not named |
| Aerospace and Defence | 30 Jun 2021 | $46M | not disclosed | Fine Structure Ventures |
| Relativity Space Aerospace and Defence | 1 Oct 2019 | $140M | not disclosed | BOND and Tribe Capital |
Sources
Where this comes from
Reported by 3 sources.
Questions
Frequently asked
How much did ICEYE raise in its Series C round?
ICEYE raised $87M in its Series C round, announced in Sep 2020.
Who led ICEYE's Series C round?
True Ventures led it, with OTB Ventures, Tesi, Molten Ventures, DNX Ventures and Draper Associates and 7 more.
What was ICEYE's valuation at the Series C round?
It was not disclosed.
How does it compare with other Series C rounds in Aerospace and Defence?
7 Series C rounds in Aerospace and Defence within a year either side disclosed an amount; the median was $90M, and this round was close to the median.
Did ICEYE raise again after this round?
Yes: a Series D round in Feb 2022 of $136M.