Last week Finnish radar satellite imaging company ICEYE announced $50 million in signed contracts in 2020 for a combination of imaging services, solutions, and satellite mission, along with plans to launch more satellites in 2021 and several new executive hires. The company says the 2020 booked value represents nearly 10 times the growth from the previous year.
In order to meet customer demand for new imaging data, ICEYE plans to launch 10 new satellite missions in 2021. Earlier in March, ICEYE announced a strategic partnership with reinsurer Swiss Re, supplying the company with radar imaging that enables it to generate fast and accurate portfolio and event-loss numbers for the industry.
The 2020 $50 million in contracts represents relationships “with customers in governments and in the commercial sector serving several vertical markets,” according to the March 31 ICEYE press announcement.
“We are very excited to see the solutions business growing so fast. The satellites are primarily a data collection tool. ICEYE is a data company and its mission transforms businesses with the use of real-time earth observation,” said Rafal Modrzewski, CEO and Co-founder of ICEYE. “With the momentum built up last year, ICEYE continues as the foremost provider of SAR data and solutions based on radar satellite imaging in the world.”
The first launch of the 10 satellites is expected to happen in the middle of the year, according to the company. ICEYE has not announced who will launch the satellite or satellites, but SpaceX’s Transporter-2 rideshare mission to sun synchronous orbit is schedule to take place in June or July with at least one source saying ICEYE will have a satellite onboard.
ICEYE packs a synthetic aperture radar (SAR) into a 6U cubesat form factor, about the size of a large shoebox. The small size enables the company to easily place its satellites onboard rideshare missions, regardless of where they are launched from.
At the end of the press release, ICEYE announced new hires for VP Engineering VP Analytics, VP Marketing, CFO, and Head of People and Culture. Adding several senior executives is indicative of further company growth and suggests the possibility of a public offering down the road.