Three ICEYE satellites, the trio of silver cube-like spacecraft seen close to the highest of the stack, on SpaceX's Transporter-1 mission in Januar
Three ICEYE satellites, the trio of silver cube-like spacecraft seen close to the highest of the stack, on SpaceX’s Transporter-1 mission in January 2021.
ICEYE
Finnish satellite tv for pc imagery agency ICEYE continues to broaden its enterprise within the U.S., saying Wednesday that it signed $50 million in contracts final 12 months for its companies whereas hiring a number of new executives, together with a former Tesla chief.
ICEYE co-founder and CEO Rafal Modrzewski advised CNBC that final 12 months’s whole gross sales development was “an sudden end result” given the COVID-19 pandemic, and represented contract development of almost 10 instances what the corporate signed in 2019.
“It was positively above expectations, and we see this pattern persevering with,” Modrzewski mentioned.
The corporate’s enterprise relies upon combining a particular kind of images, referred to as artificial aperture radar (or SAR), with a type issue the dimensions of a suitcase – decreasing the price of launching a number of satellites to create a community that may picture locations on Earth a number of instances a day.
ICEYE’s not alone in pursuing the SAR imagery market. San Francisco-based Capella House just lately deployed its personal SAR satellites in orbit to seize of a chunk of the Earth intelligence market, which is estimated to be price about $60 billion.
“We see the quickest development, when it comes to proportion … within the income coming from the industrial sector,” Modrzewski mentioned.
The corporate is now working to scale its income additional, Modrzewski mentioned “from tens of tens of millions of booked contracts to a whole lot of tens of millions.” That is necessitated the hiring of extra executives at ICEYE to “have the ability to deal with that hyper development part,” he mentioned, with the corporate’s international headcount now reaching 280 staff.
“Our 2021 plan actually is to upscale the constellation and develop the manufacturing functionality as a way to preserve that base, as a result of now we have to reply the market demand,” Modrzewski mentioned.
Launching 10 extra satellites this 12 months
Modrzewski’s firm, based in 2015, has raised greater than $150 million in enterprise funding thus far, with 10 satellites launched to orbit.
However ICEYE plans to double that this 12 months alone, with plans to place one other 10 satellites in orbit on three completely different upcoming launches. The satellites will characterize a next-generation of capabilities for ICEYE, with Modrzewski noting the primary might be expertise demonstrations.
“Normally why we name these satellites demonstrations is as a result of as a result of they’re the primary ones – we don’t assure full industrial capabilities from it, although of we’re going to intention for that 100% of the design. After which the comply with up missions are most likely going to be of that era however on a industrial foundation,” Modrzewski mentioned.
Whereas ICEYE’s next-generation satellites function a number of enhancements, Modrzewski highlighted the addition of a “multi-spot functionality” – having the ability to fly over a location solely as soon as however ship a number of photos directly.
ICEYE’s new satellites additionally function the flexibility to seize over 100 kilometer swaths, “even higher decision” than its present 25 cm providing, and sooner supply of images to prospects.
How lengthy it takes ICEYE to ship a picture after receiving a buyer order is a key metric for its satellites.
Whereas ICEYE is ready to get a satellite tv for pc in view of most elements of the world “inside 12 hours on common,” Modrzewski expects that course of – referred to as “tasking” a satellite tv for pc – to be lower right down to “someplace nearer to 6 to 5 hours” on common by subsequent 12 months.
Then, after capturing the picture, ICEYE has enabled its subsequent era satellites with the potential “to carry out simultaneous obtain and acquisition” – that means ICEYE goals to ship inside 10 minutes of the picture being acquired, moderately than a pair hours later.
ICEYE beforehand anticipated to construct a constellation of 18 satellites in orbit, however Modrzewski thinks the corporate will launch extra satellites now, having invested extra in manufacturing final 12 months. The variety of satellites wanted in orbit is “all the time demand pushed, so it’s extremely exhausting for me to say,” he famous.
Enlargement continues
Modrzewski mentioned that the corporate’s U.S. workplace, which ICEYE introduced final 12 months, is rising in a short time. ICEYE now plans to broaden it to “nearly match” its U.S. presence with the corporate’s headquarters in Helsinki, Finland.
ICEYE introduced 5 govt additions to its management workforce Wednesday, to assist its additional development. The corporate introduced on Susan Repo as CFO, who beforehand labored for Tesla for 5 years, together with as CFO of Tesla Finance.
The corporate added three new ICEYE vice presidents: former MDA chief programs engineer Alan Thompson as vp of engineering, former EagleView knowledge science director Shay Sturdy as vp of Analytics, and Marita Markkula – the previous advertising lead of cybersecurity agency F-Safe – as vp of promoting.
ICEYE additionally introduced on Steven Scheers, who has a background in human sources throughout a number of rising firms, as the corporate’s chief individuals and tradition officer.