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The Vinci Fund, part of the Bank Gospodarstwa Krajowego (BGK) group, has become an investor in ICEYE, a Polish-Finnish company and global leader in SAR satellite technology.
ICEYE is a global leader in the design and manufacture of Earth observation systems based on satellites equipped with synthetic aperture radar (SAR). The company specialises in building dedicated satellite constellations and providing data and analytical products for applications in defence, crisis management, agriculture and climate change research, etc.
In 10 years of operation, ICEYE has grown from a small Polish-Finnish project into an international company with offices in Poland, Finland, Greece, Spain, the United Arab Emirates and the United States. The Polish company is a key pillar of the business.
Warsaw is home to the Satellite Operations Centre, which is responsible for the global operation of the ICEYE constellation, the satellite planning team, and the research and development laboratory, where key components are developed and manufactured, including the attitude control system (ADCS), radio, radar management system, and power supply systems. Work is underway to further expand the capabilities of the Polish office.
„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. New Space companies such as ICEYE, thanks to their dynamism and innovation, are radically changing the face of the space industry. This is an investment in the future that will serve Poland well.” – commented Rafał Modrzewski, CEO and co-founder of ICEYE.
„By signing the agreement with ICEYE, through Vinci, Bank Gospodarstwa Krajowego is implementing its strategy for 2025-2030, which involves supporting innovative Polish technologies. The solutions it offers are a good example of dual-use technology. ICEYE satellites enable the delivery of data, for example, in agriculture, crisis management and defence. ICEYE already has an established position on the market. It recently signed a contract with the Ministry of National Defence.” – said Mirosław Czekaj, President of BGK.
Vinci S.A. is a venture capital and private equity fund management company belonging to the Bank Gospodarstwa Krajowego Group. The company manages funds with a total capitalisation of PLN 1.1 billion, focusing on investments that support foreign expansion, strengthening competitiveness and growth of companies, innovation and preservation of intellectual property in Poland.
Vinci supports companies at various stages of development, offering financing ranging from PLN 10 million to PLN 90 million in the form of equity financing as a minority investor, mezzanine and private debt.
Vinci is investing over PLN 40 million in ICEYE, without ruling out an increase in its capital commitment in the future.
„Our investment in ICEYE means that Poland is entering a completely new segment of the satellite industry at an early stage. High-quality satellite data can be used in defence and intelligence operations, as well as in the prevention and mitigation of natural disasters. The market for Earth monitoring from space is growing at a rate of USD 2 billion per year, consisting of orders from governments and the private sector.” – says Bartosz Drabikowski, president of Vinci, a fund from the BGK group supporting the development of innovative technologies.
„We are entering this promising market with great enthusiasm, seeing it as an opportunity for Poland’s development, but also as an opportunity to multiply Vinci’s capital. Shortly after the second Polish flight into space in history, we are announcing our first investment in space technology.” – Bartosz Drabikowski adds.
ICEYE owns and operates the world’s largest SAR satellite constellation, offering global access to radar data with the highest available revisit frequency and 25 cm resolution, enabling precise detection of objects regardless of weather conditions or time of day.
Since 2018, ICEYE has placed 54 SAR satellites into orbit for its own constellation and for customers, and from this year onwards it plans to launch around 20 new satellites per year. In May 2025, the company signed a contract with the Ministry of National Defence to supply the Polish Armed Forces with three radar satellites as part of the MikroSAR programme.