The Vinci fund, part of the BGK Group, has become an investor in ICEYE, the global leader in radar-based Earth observation. ICEYE’s space technologies are already used by governments in countries such as the United States, Brazil, and Japan. This year, Poland, the Netherlands, and Portugal have also signed contracts to acquire ICEYE satellites. With Vinci’s investment, Poland is entering the multi-billion-dollar global market for satellite-based Earth monitoring.
Founded in 2015, the Polish-Finnish company ICEYE owns and operates the world’s largest constellation of microsatellites equipped with Synthetic Aperture Radar (SAR). Since 2018, the company has successfully launched 54 satellites into orbit, both for its own constellation and for clients. The technology enables round-the-clock Earth observation, delivering radar data in near real-time, with the ability to revisit the same area every 90 minutes – regardless of weather conditions.
Vinci Looks to Space
“Our investment in ICEYE means that Poland is entering new segments of the satellite industry at an early stage. High-quality satellite data is applicable in defense and intelligence operations as well as in disaster prevention and response. The global Earth observation market is growing by around USD 2 billion annually, fueled by demand from both governments and the private sector,” said Bartosz Drabikowski, CEO of Vinci, the BGK Group fund supporting the development of innovative technologies. “We are entering this promising market with ambition, seeing it not only as an opportunity for Poland’s growth but also as a chance to multiply Vinci’s capital. Right after the second space flight of a Polish astronaut in history, we are announcing our first investment in space technologies,” he added.
Rafał Modrzewski, CEO and co-founder of ICEYE, also highlighted the strategic importance of the move:
“We are delighted that BGK recognizes the importance of investing in space technologies, whose role in global security and the economy is constantly growing. New Space companies like ICEYE, thanks to their dynamism and innovation, are radically reshaping the space industry,” Modrzewski commented.
Dual Role in Defense and the Private Sector
Vinci is investing over PLN 40 million in ICEYE and does not rule out further involvement in the fast-growing company. ICEYE satellites are already being used by governments worldwide for defense and disaster response, including the US, Brazil, Japan, and Ukraine. In 2025, Poland and Portugal signed contracts, and the Netherlands has already placed its first ICEYE satellite in orbit just months after signing. Finland is expected to join the customer base soon.
ICEYE’s innovative solutions are also widely applied in the private sector, particularly in the insurance industry, where they help assess damage from natural disasters such as floods, wildfires, and earthquakes.
Ambitious Plans for Expansion
The Polish Ministry of Defense has signed a contract with ICEYE for three radar satellites, with the option to expand the deal to six. The first Polish military satellite is scheduled to launch later this year. ICEYE also plans to expand production capacity to meet the rapidly growing global demand for Earth observation systems and satellite data.
Poland plays a crucial role in ICEYE’s operations: its Warsaw hub hosts the Satellite Operations Center, which manages the global constellation, the satellite planning team, and an R&D laboratory producing key components. Work is already underway to further expand the capabilities of the Polish office.
A Mission to Support Innovation
“By signing this agreement with ICEYE through Vinci, Bank Gospodarstwa Krajowego is implementing its 2025–2030 strategy to support innovative Polish technologies. ICEYE is an excellent example of dual-use solutions. Its satellites provide data that can be used in agriculture, crisis management, and defense. The company is already well established in the market and recently signed a contract with the Ministry of Defense,” summarized Mirosław Czekaj, CEO of BGK.
