ICEYE Receives 10M€ Capital Loan from Business Finland To Initiate Internet of Locations
Business Finland’s Growth Engine funding helps a Finnish Earth observation company ICEYE extend services in Finland and across the world.
ICEYE, an Earth observation company creating the world's largest Synthetic-aperture radar (SAR) satellite constellation, announced it has received a 10M€ a capital loan from Business Finland that is meant for the orchestration of Growth Engines. 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.
Providing the capability to get accurate, objective and reliable information in real time from anywhere in the world is a transformative proposition for practically every industry and government. Information that has been gained from satellite imaging can be used to help solve problems such as global illegal fishing, illegal logging, and for commercial uses such as for flood insurance related services.
Source & photo: ICEYE