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(Image source: Near Space Labs.)
Near Space Labs (Brooklyn, N.Y.), a startup developing high-resolution aerial imaging technology using stratospheric balloon-borne aircraft, had raised $20 million in a Series B funding round led by Bold Capital Partners (Santa Monica, Calif.). The company plans to use the funds to scale its operations and expand into new market segments.
The round includes participation from strategic investor USAA, alongside Climate Capital, Gaingels, RiverPark Ventures, and existing investors Crosslink Capital, Third Sphere, and Draper Associates. Near Space Labs has now raised more than $40 million in total funding.
Rema Matevosyan, Co-Founder and CEO, Near Space Labs.
Near Space Labs operates a fleet of small, helium balloon-lifted aircraft called Swift, which capture high-resolution imagery from the stratosphere without the need for engines or pilots. The technology has found traction with commercial customers, particularly in the insurance sector. According to the company, insurers use its imagery to assess damage from large-scale disasters such as wildfires and hurricanes.
The insurance industry has been one of the startup’s biggest customer segments to date. One of the company’s most important investors, USAA, is is a major insurer and financial services provider. Insurance carriers subscribe to Near Space’s imagery to track and understand the impact of large-scale disasters like fires and hurricanes, according to Rema Matevosyan, co-founder and CEO.
Near Space Labs says it will be expanding its U.S. coverage, as well as developing customized coverage plans for customers, which it says will be tailored to end users’ operations. The startup currently operates over select areas of the U.S. but intends to scale up to cover 80 percent of the population with 7 cm resolution imagery twice per year. Matevosyan says that expansion is feasible without special flight licenses, as the Swift platforms operate passively using wind currents.
Higher Accuracy and Greater Scalability
Will Borthwick, Principal, Bold Capital Partners.
The company also plans to explore applications in agriculture, where the founders see potential to offer higher accuracy and greater scalability than drones or satellite-based solutions.
“The idea of low-cost aerial imagery is valuable for many parties, not just insurance,” says Will Borthwick, principal, Bold Capital Partners. “Even when you think about the advent of AI, which requires timely and high-quality data to work properly, it’s the moment in time for something like this.”
The company was founded by Matevosyan, CTO Ignasi Lluch, and chief engineer Albert Caubet, all of whom have backgrounds in space and physics research.
Near Space Labs Speeds Accurate Property Imaging from the Stratosphere
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