QIA invests in microsatellite manufacturer Iceye

Qatar Investment Authority (QIA) has invested in Finnish microsatellite manufacturer and operator Iceye’s €1 billion ($1.2 billion) fundraising round.

The sovereign wealth fund did not disclose the size of its investment. The Finnish startup is now valued at more than €10 billion, it said in a statement.

The series F funding round was led by US-based General Atlantic, along with Solidium, Tesi, Varma, Ilmarinen, Lifeline Ventures, Nokia and TCV.

Proceeds will fund the expansion of Iceye’s global footprint, the statement said.

Iceye delivered a sovereign space system to the Polish Armed Forces in May, enabling independence in satellite reconnaissance and allowing it to acquire imagery from anywhere in the world, day or night and in any weather.

The model is being replicated in Europe, the Middle East and Asia, the company said.

This month QIA and Cofides, a Spanish state-owned financial institution, agreed to establish a €300 million investment fund to support green transition, digital transformation and technological innovation in Spain.

In May QIA backed the Greek state-owned Public Power Corporation’s €4.3 billion capital offering as an anchor investor.

The wealth fund has nearly $580 billion in assets under management, according to Global SWF, a data platform that tracks sovereign wealth funds.

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