HELSINKI, December 14 (ICEYE PR) – ICEYE, an Earth observation company creating the world’s largest Synthetic-aperture radar (SAR) satellite constellation, today announced it has received a 10M€ [$11.3 million] capital loan from Business Finland that is meant for the orchestration of Growth Engines. Business Finland is the most important public funding agency for research funding in Finland, and it is directed by the Ministry of Economic Affairs and Employment. The received funding is used for SAR satellite manufacturing during 2019 and for establishing the Internet of Locations ecosystem originating from Finland.
ICEYE successfully launched its second SAR satellite, ICEYE-X2, on 3rd of December. The satellite launch is an initial step of creating the necessary SAR satellite constellation of ICEYE for frequent and reliable satellite-based information about any location on Earth. ICEYE is establishing the Internet of Locations to support vast economic growth in Finland in the various parts of generating, analyzing, and consuming satellite data for operational uses.