Near Space Labs has raised $20 million in Series B funding to expand its stratospheric imaging robots called Swifts. This brings the company’s total funding to over $40 million. The investment round was led by Bold Capital Partners with strategic involvement from USAA and others.
What Are Swifts?
The Swifts are aircraft lifted by helium balloons to the stratosphere. They use wind currents to move and capture high-resolution Earth images. After their mission, the aircraft glide back to the ground. This method offers a low-cost alternative to satellites and drones for Earth imaging.
Company Background and Leadership
Founded by CEO Rema Matevosyan, CTO Ignasi Lluch, and Chief Engineer Albert Caubet, Near Space Labs originated at the Skolkovo Institute in Moscow. The founders later moved operations to New York, United States.
The startup’s website, Near Space Labs, provides further information on their stratospheric imaging approach.
Key Customers and Applications
The insurance industry is a major customer, using images to assess disaster impacts such as wildfires and hurricanes. USAA’s participation reflects the importance of this technology for insurers. Insurance companies subscribe to Near Space’s imagery services to monitor large-scale damages efficiently.
Expansion Plans and Market Potential
Near Space Labs plans to scale operations across the U.S., targeting coverage of 80% of the population twice yearly with 7cm resolution images. The company aims to provide more rapid and detailed Earth imagery than 800,000 drones could in weeks.
Besides insurance, Near Space Labs sees opportunities in agriculture, where existing drone surveys lack scale and accuracy.
Funding and Industry
Bold Capital Partners, led by Peter Diamandis, heads the recent funding round. Earlier, Near Space Labs raised $13 million in a Series A round in 2021. This investment supports development of more customized coverage tailored to customer needs.
Despite Russian-U.S geopolitical challenges affecting cooperation between the Skolkovo Institute and MIT, Near Space Labs continues growing following its participation in the New York-based Urban-X accelerator, which recently closed.
The company’s innovative imaging technology provides a valuable source of timely and accurate data for AI and other industries requiring detailed Earth imagery, offering an alternative to traditional satellite and drone systems.
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