ICEYE, a Finnish company, was included in the prestigious Tech Tour Growth50 List and received the Digital Growth Award at the Tech Tour Growth Europe award ceremony in Paris on 8 March 2023. We had the opportunity to interview Tero Vauraste, Regional Director for Europe of ICEYE, who shared insights about the company's journey, challenges, and future plans.
ICEYE has developed the largest constellation of microsatellites equipped with synthetic-aperture radars (SAR), providing advanced technology for objective, data-driven decision-making across multiple sectors.
The story of ICEYE began more than ten years ago when a group of Finnish students from Aalto University had the innovative idea to put SAR satellites into orbit. The company has now been operating for six years, with its first satellite launched in 2018. Today, ICEYE has launched over 20 satellites, serving dozens of customers worldwide. The groundbreaking SAR technology allows for satellite images to be captured regardless of weather conditions or darkness, making it invaluable for decision-making purposes.
ICEYE serves a range of industries, including climate change, infrastructure, government, and security and defence sectors. The company works closely with the European Space Agency, NASA, and other institutions around the world. With over 300 million US dollars in funding and a team of 500 employees representing over 50 nationalities, ICEYE is truly an international effort.
The current funding will be used to launch more than 20 new satellites during 2023 and 2024, increasing the company's ability to serve clients and improve revenue. In the future, ICEYE plans to further improve their product and democratise access to satellite data, making it even available to consumers on their mobile devices.
Vauraste’s response, when questioned about the difficulties posed by rapid growth, was that one of the most pressing challenges was finding skilled employees and engineering talent. To overcome this, the company has become increasingly international in its recruitment efforts. Implementing systems to support the growing organisation has also been challenging, but the recent acquisition of ISO certificates demonstrates the company's commitment to working systematically and efficiently.
Tero pointed out that key factors contributing to ICEYE's success include innovative ideas, a strong focus on collaboration, and sufficient funding. Vauraste highlighted the importance of European funding mechanisms in supporting growth and noted that organisations like the European Space Agency and the European Commission are working to address funding gaps for companies like ICEYE.
When asked about advice for other entrepreneurs seeking similar growth, Tero emphasised the importance of believing in your ideas, learning from failures, and stepping out of your comfort zone. He also stressed the importance of listening to clients and working closely with investors to achieve success.
Watch the full interview with Tero Vauraste below.
