Near Space Labs, a startup revolutionizing Earth observation, has secured $20 million in a Series B funding round to expand its high-resolution imaging operations. The company utilizes its proprietary “Swift” aircraft—stratospheric vessels lifted by helium balloons that navigate via wind currents—to capture detailed imagery from the edge of space.
Strategic Backing for Stratospheric Growth
The funding round was led by Bold Capital Partners, with significant participation from strategic investor USAA. Additional support came from Climate Capital, Gaingels, RiverPark Ventures, and returning investors including Crosslink Capital, Third Sphere, and Draper Associates. This latest injection of capital brings the company’s total funding to over $40 million, following a $13 million Series A in 2021.
Founded by CEO Rema Matevosyan, CTO Ignasi Lluch, and chief engineer Albert Caubet, the company has transitioned from its origins in academic research to a robust commercial operation. While the startup’s founders initially connected through the Skolkovo Institute—which previously partnered with MIT—and the Urban-X accelerator in New York, the business has successfully navigated shifting geopolitical landscapes to establish a firm foothold in the U.S. market.
Transforming Data Collection with “Swift” Robots
Unlike traditional satellite or drone-based imagery, the Swift fleet offers a unique value proposition: high-resolution, cost-effective, and rapid aerial data collection. Matevosyan notes that the platform can cover vast areas in hours—a task that would require an impractical number of drones to replicate.
Current operations are heavily focused on the insurance industry. Insurers utilize Near Space Labs’ imagery to assess the impact of large-scale natural disasters, such as hurricanes and wildfires, with greater speed and precision. The company now aims to scale its reach, targeting coverage of 80% of the U.S. population twice per year with its 7 cm resolution imagery.
Expanding Beyond Insurance
With the new capital, Near Space Labs intends to diversify its client base. Agriculture stands out as a primary sector for expansion. While farmers have previously experimented with drones, the technology proved difficult to scale and insufficiently accurate for large-scale crop health monitoring. Satellites, conversely, often fail to provide the necessary resolution at a competitive price point.
“The idea of low-cost aerial imagery is valuable for many parties, not just insurance,” said Will Borthwick, principal at Bold Capital Partners. “With the advent of AI, which requires timely and high-quality data to function properly, this is the perfect moment for this technology.”
Although the Swift platform possesses “dual-use” potential for military applications, the company remains strictly committed to commercial use cases for the time being. As the demand for high-quality, real-time spatial data grows, Near Space Labs is positioning itself as a critical infrastructure provider in the modern data economy.