Finnish company Icey was ranked as the 20th most innovative company in the world and the 2nd most innovative company in the Space sector in 2025 by Fast Company. Learn more about the Finnish company named one of the world’s 50 most innovative companies.
Iceye is originally a spin-off of Aalto University‘s University Radio Technology Department. It is based in Espoo and has offices worldwide (Finland, Poland, Spain, the UK, and the US) and over 700 employees.
When it was suggested that an alternative to Starlink be found to keep eyes on Ukraine’s front line, shares in Eutelsat, a Franco-British satellite operator, soared. Meanwhile, Finnish satellite manufacturer Iceye – operator of the world’s largest constellation of data-collecting “synthetic aperture radar” (SAR) – confirmed its standing as one of Europe’s fastest-growing companies.
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The acknowledgment highlights ICEYE’s pioneering contributions to the space industry and innovating its SAR technology, which allows for high-resolution imaging at any time, regardless of weather conditions. ICEYE’s unique SAR satellites are designed and purpose-built to be smaller, more flexible, and affordable than legacy satellite systems. The innovation in small satellites has enabled the quick build of the world’s largest SAR satellite constellation, owned and operated by ICEYE.
In September 2024, the company reported 2023 revenues of $100M and expanded its funding to $503M. “In five years, hundreds of European satellites in single constellations will provide us with military security, climate resilience, and data,” says Iceye’s Polish CEO and Co-founder, Rafal Moderzewski.
“Being named one of the World’s 50 Most Innovative Companies by Fast Company is an immense honor for ICEYE and a testament to the hard work and dedication of our team. ICEYE’s innovation in SAR satellite technology is redefining how government and commercial organizations make critical decisions and rapidly respond to challenges. Our dual-use technology has proven its capabilities also in defense and resilience, and we continue to innovate in this field with our customers and partners, aiming to become the primary provider of critical infrastructure for intelligence, surveillance, and reconnaissance (ISR) to allied nations,” he added.
In 2015, ICEYE demonstrated that synthetic-aperture radar could be used to monitor hazardous ice features such as pack ice. In 2022, after the Russian invasion of Ukraine, it signed new partnerships with BAE, Saab, and Rheinmetall. Moderzewski says that Europe can no longer rely on US firms to solve defense issues. “We have to tap into new, disruptive entrants.”
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In 2019, the founders of ICEYE and the Aalto staff were awarded the Finnish Engineering Award by the Finnish Academic Engineers and Architects. The award citation called the achievement “a breakthrough in Finnish space technology.”
The company’s powerful SAR technology enables frequent revisits to any location, providing unparalleled coverage and detail. To date, ICEYE has launched 48 SAR satellites into orbit for its own and its customers’ use, of which four were launched recently, including the company’s new Generation 4 satellite.
Moderzewski takes inspiration from how Starlink shook up the global market. “We all thought that these US industries were being run efficiently, well-measuredly,” he says. “Elon Musk has shown us that those assumptions were wrong.”
Finnish Company Named One of the World’s 50 Most Innovative Companies, Tor Kjolberg reporting.
All images © Iceye.