Seraphim Space invests $25m in ICEYE

Posted on 6 December, 2021 by Advance 

Seraphim Space Investment Trust plc has made a new $25m investment into ICEYE Oy, a provider of synthetic aperture radar (SAR) satellite imaging technology.

Testing an ICEYE SAR satellite in an anechoic chamber.
Courtesy ICEYE

SSIT has invested $25 million in ICEYE to enable it to significantly expand its unique SAR satellite constellation. Seraphim Space LP first invested in ICEYE in 2017, prior to it launching its first satellite, and has participated in every subsequent ICEYE funding round. ICEYE has since deployed the world's first and largest constellation of miniaturised satellites that use radar to image the Earth day and night, even through clouds.
ICEYE’s radar technology has the ability to monitor change in near real time with unrivaled sensitivity and at global scale. The unique insights this data provides holds enormous potential to help combat some of the world’s most pressing problems, including climate change. For example, ICEYE's data is used by customers, including governments, to track illegal deforestation in the Amazon, and insurance companies to respond quickly to natural disasters such as floods.
Following today's announcement, and as set out at the time of SSIT’s IPO, the Company now expects to complete the acquisition of Seraphim Space LP's shareholding in ICEYE. A further announcement will be made once transfer has been effected.

As part of the transaction, James Bruegger, Chief Investment Officer of Seraphim Space (Manager) LLP, SSIT’s investment manager, has been appointed to the ICEYE Board.
Will Whitehorn, Chair of Seraphim Space Investment Trust plc, commented: "ICEYE is a very exciting business. With its large and growing constellation of new space satellites, it is able to identify and monitor changes on Earth in the range of millimetres. This enables entirely new applications, including predicting, preventing and responding to events such as natural disasters, building collapses and floods. It is another excellent example of how Seraphim Space Investment Trust plc is backing businesses with exciting technologies allowing us to unlock science that has never been possible before.”
James Bruegger, Chief Investment Officer of Seraphim Space (Manager) LLP, commented: "The doubling down on our investment in ICEYE reflects our belief in the potential this breakthrough technology will have across maritime, disaster management, insurance, finance, security and intelligence sectors. Life on earth is constantly changing. The ability to see and track these changes is key to understanding, predicting and responding to events around us. Satellites that use optical cameras to take images of the Earth have in recent decades spawned the $5 billion ‘Earth Observation’ market. By using ICEYE radars rather than cameras to take images, it is possible to monitor the Earth, day and night, in all weather conditions and in near real time. This is a real game changer."