It's pronounced "Ice eye".

According to the people I know from this company, the original use case was tracking the ice cover of the Northern seas, for both marine applications and climate research (the company is Finnish).

You forgot "Ice Ye" - the latest unexpected twist in the saga of Kanye!

I thought it was going to be an ICE tracker from the name alone.

don't know the answer, but "Icy Eye" is the best