Near Space Labs Secures $20M to Expand Its Balloon-Powered Imaging Tech

Near Space Labs — the startup rewriting the rules of aerial imaging — has raised $20 million in Series B funding to scale its fleet of Swift robots, helium balloon-powered aircraft that capture ultra-high-resolution images from the stratosphere.

Rather than relying on satellites, drones, or planes, Near Space’s unorthodox but effective approach uses balloons to lift its imaging systems into near space. Once airborne, the Swift crafts ride wind currents to navigate and take snapshots of the Earth below before gliding safely back to the ground.

Backers and Vision

The round was led by Bold Capital Partners, co-founded by futurist Peter Diamandis, with participation from USAA, Climate Capital, Gaingels, River Park Ventures, and returning investors including Crosslink Capital, Third Sphere, and Draper Associates. The company has now raised over $40 million to date, including a $13M Series A in 2021.

At the helm is Rema Matevosyan, an Armenian-born mathematician who co-founded the company with Ignasi Lluch and Albert Caubet — all three with backgrounds in space and physics. The idea was born at the Skolkovo Institute in Moscow, once dubbed the “MIT of Russia,” where Matevosyan and Lluch met during a time when the school was still partnered with MIT.

After being accepted into the Urban-X accelerator in New York, Matevosyan relocated to the U.S., where she now leads Near Space Labs.

A New Frontier in Aerial Imaging

Near Space’s business is already gaining serious traction, especially with insurance companies. USAA, a strategic investor and major insurer, uses the startup’s imagery to assess damage from wildfires, hurricanes, and other natural disasters.

Unlike drones, which are limited in scale, or satellites, which struggle with resolution and cost, the Swift system provides a powerful middle ground. Near Space claims it can capture the same amount of imagery in a few hours that would take 800,000 drones days or weeks.

The startup’s current U.S.-only coverage is set to grow, with plans to cover 80% of the U.S. population twice a year at 7cm resolution. Thanks to their unpowered, balloon-lifted design, Swifts avoid the need for special flight licenses, making scale-up relatively frictionless.

Beyond Insurance: Farming, Custom Plans, and More

With its fresh capital, Near Space is also eyeing agriculture as its next frontier. “Drones couldn’t scale and satellites couldn’t deliver resolution,” said Matevosyan, describing how previous tech has fallen short for farmers needing accurate, full-field data.

Near Space also plans to roll out custom coverage plans tailored to the needs of individual clients, moving beyond its subscription model for insurers.

What About Military Use?

Interestingly, while Near Space’s technology could support dual-use applications — including limited payload capabilities — the company has avoided military contracts so far, remaining firmly in the commercial space. Whether that continues in the current geopolitical climate remains to be seen.

A Timely Bet

Investors are taking note. “Low-cost, high-quality aerial imagery is a game-changer,” said Will Borthwick, principal at Bold Capital. “In the age of AI, timely and accurate data is everything. Near Space is built for this moment.”