Near Space Labs Raises $20M for Stratospheric Imaging Expansion
Near Space Labs has secured $20 million in Series B funding to expand its innovative stratospheric imaging technology. The company uses helium balloon-powered aircraft called Swift robots to capture high-resolution images of Earth.
Unlike traditional satellites, drones, or planes, Near Space Labs' Swift robots ascend to the stratosphere using balloons. They then utilize wind currents for navigation, capturing images before gliding back to Earth. This approach offers a cost-effective and efficient way to obtain high-resolution aerial imagery.
Significant Traction Drives Funding
This latest funding round, led by Bold Capital Partners, comes on the heels of significant customer traction. USAA, Climate Capital, Gaingels, River Park Ventures, Crosslink Capital, Third Sphere, Draper Associates, and other investors also participated. This brings Near Space Labs' total funding to over $40 million, following a $13 million Series A in 2021.
From Skolkovo to Stratosphere
The company was founded by Rema Matevosyan (CEO), Ignasi Lluch (CTO), and Albert Caubet (chief engineer). The three founders have backgrounds in space and physics technology and research. Their journey began at the Skolkovo Institute in Moscow, where Matevosyan and Lluch met. They later participated in the Urban-X accelerator in New York.
Serving the Insurance Industry and Beyond
A key customer segment for Near Space Labs has been the insurance industry. Insurers use the imagery to assess damage from large-scale disasters like fires and hurricanes. USAA, a major insurer and financial services provider, participated in this funding round.
Currently, Near Space Labs covers specific areas of the U.S., with plans to expand coverage to 80% of the U.S. population twice a year. The company aims to provide 7cm resolution imagery, claiming it can capture images in hours what would take 800,000 drones days or weeks.
Beyond insurance, Near Space Labs sees potential in other sectors like agriculture. The company believes its technology can provide more accurate and cost-effective crop monitoring compared to drones or satellites.
Investor Perspective
“The idea of low-cost aerial imagery is valuable for many parties, not just insurance,” said Will Borthwick, the principal at Bold Capital Partners. “Even when you think about the advent of AI, which requires timely and high-quality data, it’s the moment in time for something like this.”
While the company's Swift robots have potential military applications, Near Space Labs is currently focused on commercial use cases.
