Crazy ideas of young inventors
“We were students at the time and wanted to create a small sensor that had never existed before. But the idea was so risky that even venture capitalists could not accept it,” Laurila told me at Iceye’s headquarters outside Helsinki, Finland.
Laurila met Rafal Modrzewski at Aalto University and quickly became close because they had one thing in common: a passion for space. The two young students sparked an ambition to build the world's smallest radar satellite.
In 2012, they co-founded Iceye to deploy the technology they had both helped develop during their studies: the application of synthetic aperture radar (SAR) to small satellites, which with this imaging technology can be built much cheaper than traditional satellites.
But the idea of developing that technology was very difficult for young entrepreneurs to raise capital for. “When we started, there were hardly any commercial startups tackling this area,” he recalls.
However, the desire to create a SAR satellite that could be launched into space at low cost and still provide image quality equivalent to traditional systems continued to motivate the two young inventors.
Miniaturizing radar technology – typically deployed on large satellites weighing several tons – into a device weighing just over 80kg was a huge challenge. There was no precedent, no market, and, most importantly, no confidence from investors.
ICEYE - product of the leading ecosystem
But Laurila and her friend Rafal Modrzewski started their business in Finland, a Nordic country with a very favorable startup environment.
Aalto University, where the ICEYE founders met and conceived the idea, is at the heart of the Finnish innovation ecosystem with a vibrant student population. “The more interdisciplinary teams interested in entrepreneurship we can connect, the brighter the future will be,” says Janne Laine, Aalto University’s Vice-Chancellor for Innovation.
The Finnish government , through Business Finland, the national innovation agency, supported ICEYE in research and development (R&D) and brought in technical experts right from the ideation stage. “Finland has created a system where bold ideas are encouraged and supported, not just with words, but with transparent budgets and mechanisms,” says Laurila.
The support from Business Finland was crucial for ICEYE to overcome its initial funding shortage, allowing it to develop its first prototypes. By 2015, the company had raised its first €5.6 million.
In terms of the legal framework, as a Finnish company, ICEYE works closely with the Finnish Ministry of Foreign Affairs on the technology assessment – especially since radar satellite technology is classified as dual-use technology, which can serve both civilian and defense purposes. Therefore, the company must comply with EU regulations on the export of dual-use technology.
In space, ICEYE operations are regulated by the ITU (International Telecommunication Union), which is responsible for global frequency allocation and control. The use of imaging radar requires the company to register and comply with the frequency bands that have been allocated for this type of use. A license to use those frequencies is required to launch a satellite.
Ultimately, the main international legal framework remains the United Nations Outer Space Treaty of 1967, a principled document regulating the peaceful uses of space that is the current international legal foundation in the space field.
According to the prestigious magazine Forbes, Iceye has raised $304 million to date.
Grow like a rocket
In January 2018, ICEYE made history by successfully launching ICEYE-X1, the world’s first small commercial SAR satellite weighing less than 100 kg. This was a breakthrough moment not only for the company but also for the entire satellite industry: from then on, radar satellites were no longer the exclusive domain of superpowers or giant corporations.
With ICEYE-X1, the company has demonstrated that it can observe the Earth day and night, regardless of clouds or bad weather, thanks to SAR radar technology.
By early 2025, Iceye had 48 satellites in various locations around the world and was consistently ranked among the world’s most innovative and fastest growing companies in global technology polls. ICEYE – has become a global leader in Earth observation technology, operating a network of dozens of SAR satellites that monitor the planet 24/7 from low orbit.
SAR satellites have the advantage of being able to record conditions on the Earth’s surface at any time of day or night, and without the interference of clouds, Mr Lauria explained. This means, for example, that in an emergency such as a hurricane, the company’s satellites can detect changes on the ground that governments can benefit from.
During the Syrian refugee crisis, ICEYE's radar technology was used to detect refugee boats at night, allowing authorities to monitor boats in the dark and identify capsized boats.
In Iceland, ICEYE satellite data helped local authorities predict a volcanic eruption, allowing for timely evacuations. In both cases, ICEYE’s technology played a key role in saving lives and minimizing the impact of disasters.
In the Philippines, one of the world’s most disaster-prone countries, ICEYE’s research team is monitoring floods and infrastructure risks, supporting local governments and humanitarian agencies to improve their early response capabilities. This is a testament to the growing role of satellite data in urban governance and sustainable development.
In a world increasingly uncertain due to climate change, conflict and complex global supply chains, information from space is becoming one of our most strategic assets. Every day, ICEYE’s system sends back thousands of images from all over the planet – from melting ice in the Arctic to oil tankers in the Red Sea.
ICEYE has grown rapidly since its founding in 2014 and has a strong global presence, with offices in Finland, Poland, Spain, the UK, Australia, Japan, the UAE, Greece and the US. The company has an international team of over 700 employees.
Lessons from ICEYE
I had the opportunity to listen to Mr. Pekka Laurila present the ideas of ICEYE for a morning when I visited the company headquarters recently. He looked very young and passionate. Many of the technical issues he presented were, to be honest, beyond my understanding.
But one thing remains. It is the crazy ideas of him and his university friends that were nurtured in a very favorable startup ecosystem - from Aalto University to the startup support organizations and venture capitalists that the Finnish government has worked hard to build - that brought ICEYE to success. It was a very long process, overcoming all limitations and dogmas.
Vietnam, through resolutions 57, 66 and 68, is also looking forward to having more startups, especially in the fields of innovation, creativity and AI. Will we accept businesses launching satellites into space, like ICEYE, in the next 10 years?
Look at the barriers to entry for drone technology companies! No private company can overcome these barriers to produce drones! No private company can produce “dual-use” products for both defense and civilian use. Many people, “barefoot” inventors, have to take their products abroad to test.
Surely, ICEYE's story teaches us many lessons.
Source: https://vietnamnet.vn/iceye-va-cau-chuyen-khoi-nghiep-than-ky-2407901.html
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