Finland’s ICEYE has raised €450 million ($797 million) in a funding round led by General Atlantic.

The round values ICEYE – which owns the world's largest synthetic aperture radar satellite constellation – at more than €10 billion ($17.7 billion).

The company says the investment will help meet growing demand and deliver systems “at a new scale”.

General Atlantic MD Sascha Gunther says ICEYE has “fundamentally redefined Earth observation” and pioneered a shift to next-generation, agile satellite fleets.

“Global structural demand for ICEYE’s intelligence will continue to accelerate. We are proud to back remarkable builders like ICEYE as they push the boundaries of what’s possible.”

Nokia, Qatar Investment Authority, TCV, Solidium, Tesi, Varma, Ilmarinen and Lifeline Ventures also invested.

With a secondary placement, the latest funding round passed €1 billion ($1.77 billion).

Seven European governments have bought sovereign satellite systems from ICEYE, which also has customers in insurance and emergency management.