Near Space Labs raises $20 million
Aerial imagery and earth observation company Near Space Labs announced $20 million in Series B funding led by Bold Capital Partners and Singularity University, with participation from USAA, Climate Capital, Gaingels, River Park Ventures, Crosslink Capital, Third Sphere, Draper Associates, and others.
Founded in 2017, the NY-based company provides high-resolution, frequently updated aerial imagery through its nationwide network of Swift robots. The autonomous, zero-emission, high-altitude imaging platform uses advanced weather balloon technology to access near space – the upper region of Earth’s atmosphere.
Near Space Labs will leverage its new funding to increase imagery coverage to include 80% of the US population twice a year, providing industries like P&C insurance with mission-critical 7cm imagery to modernize decision-making. To do so, Near Space Labs is significantly expanding its fleet of Swift robots, capable of capturing imagery of areas equivalent to entire cities like New York or Los Angeles within just a few hours. The company says that this coverage capability would require approximately 800,000 drone flights to achieve.
“Near Space Labs has solved a fundamental challenge in geospatial intelligence: delivering high-resolution imagery with the frequency, scale, and economics that truly unlock commercial value. Their industry-first, nationwide stratospheric robotics platform is uniquely positioned to do for aerial imagery what SpaceX did for satellite launches—dramatically increasing access while reducing costs.” – Will Borthwick, Principal at Bold Capital.
“We are proud to announce an investment in Near Space Labs. We believe that high-resolution stratospheric imaging will transform how the insurance industry underwrites policies and fulfills claims. The novel way Near Space Labs provides this data drives higher quality, faster turnaround, and lower cost than other sources, which ultimately results in better service for policy holders.” – Nathan McKinley, USAA vice president and head of corporate development.
“Earth observation users have been forced to choose between satellite imagery lacking detail and traditional aerial surveys that are costly and infrequent. Our unique stratospheric approach eliminates this dilemma, combining satellite-like coverage with market-leading resolution. With our nationwide technical infrastructure now in place, this funding enables us to scale our operations and execute on our product roadmap.” – Rema Matevosyan, CEO and co-founder of Near Space Labs.
