ICEYE initiates large scale manufacture of satellite

Space exploration has revolutionized over the years, with the space industry launching different rockets’ designs to the moon and the universe. Additionally, space exploration brought the universe closer to the earth through live pictures, consequently increasing scientific space knowledge. The revolution was instigated by commercial space exploration that attracted different investors to venture into space exploration. ICEYE is among the space companies that have ventured into space exploration.

ICEYE’s operations are based in Finnish and involve satellites that capture pictures of the earth’s surface while utilizing the Synthetic-Aperture Radar (SAR) technology. Resultantly, SAR technology obtains geospatial data that aids its client to get a clear and intellectual decision. Surprisingly, ICEYE is the first global industry to construct a SAR satellite weighing up to 100kgs. The company recently raised funding of $87 million, totaling $152 million from the initial rounds. ICEYE’s plans include launching four SAR satellites by the end of 2020 and an extra eight SAR’s by 2021. 

Dr.Mark Matossian, the managing director of the U.S. ICEYE, noted that the company is in the progress of space exploration and they are well equipped with a five-year experience of space exploration. He further added that the new move would transform the company’s goal and increase the market scope. On the other hand, the company has been in service since 2018 with its three satellites that serve the customers. The clients are exposed to quality imagery of the earth’s surface through cloud storage. 

ICEYE also delivers precise services that help meteorologists predict the weather and monitor the formation of weather catastrophes like floods and tornados. Conversely, the company also offers services to companies in the mining, insurance, and utility sector. For example, Tokio Marine, a global insurance organization based in Japan, is a client to ICEYE. The company seeks to establish its customer base in the U.S. Matossian, a former Google employee who worked with the Terra Bella Earth-imaging constellation, came on board to help ICEYE progress its market scope.

Matossian further notes that the funding will propel the company into an expansion phase, and more organizations will seek the services. Additionally, Matossian explains that construction companies will access the company’s services through distant asset monitoring. The benefit of expanding into different company sectors makes the clients uninformed about the source of data. For example, raw data given to the insurance company may seem irrelevant. Moreover, the company will provide a spreadsheet that will comprise of every possession they insure.