Espoo-based microsatellite operator ICEYE has secured new capital from Vinci Fund, a vehicle managed by Poland’s state development bank, Bank Gospodarstwa Krajowego (BGK). Vinci has committed more than PLN 40 million (about €9.4 million).
The move signals Poland’s deeper push into space and defense technologies. Bartosz Drabikowski, CEO of Vinci, called the investment a step into “a completely new segment of the satellite industry,” noting that ICEYE’s data is already being used in defense and intelligence as well as disaster response.
“The market for monitoring the Earth from space is growing at a rate of $2B annually, supported by orders from governments and the private sector. We are entering this promising market with great enthusiasm, seeing it as a development opportunity for Poland, but also an opportunity to multiply Vinci’s capital. Just after the second-ever Polish spaceflight, we are announcing our first investment in space technologies.”
“By signing the agreement with ICEYE, through Vinci, Bank Gospodarstwa Krajowego is implementing its strategy for 2025-2030, which assumes support for innovative Polish technologies. The solutions it offers are a good example of dual-use technology,” said Mirosław Czekaj, President of BGK.
ICEYE operates the world’s largest constellation of synthetic aperture radar (SAR) satellites, with 54 launches since 2018 and plans to deploy about 20 more per year starting in 2025. Its SAR systems provide radar imagery at 25 cm resolution, capable of monitoring targets regardless of weather or lighting conditions.
In May 2025, ICEYE signed a deal with Poland’s Ministry of National Defence to deliver three radar satellites under the MikroSAR programme, cementing its role as a defense supplier. The company also delivers satellite imagery and analytical products to customers in crisis management, climate monitoring, and agriculture.
The Warsaw-based subsidiary of ICEYE runs a Satellite Operations Center that manages global constellation tasks and operates a research and development hub. Its teams design and manufacture subsystems including attitude control, radio, radar management, and power systems, with plans for expanded capabilities.
Founded as a Polish-Finnish project, ICEYE now operates across Europe, the UAE, and the US. Its work aligns with a growing recognition that radar-based Earth observation is critical for both national security and economic resilience.
“We are extremely pleased that Vinci, together with the BGK Group, recognises the strategic need to invest in space technologies, whose importance for security and the global economy is constantly growing,” said Rafał Modrzewski, CEO and co-founder of ICEYE.
