When most people think of aerial imagery, they picture satellites, drones, or planes. But Near Space Labs, a bold aerospace startup, is using a completely different method. The company captures high-resolution images from the stratosphere using helium balloons, offering a low-cost, efficient alternative to traditional methods.
Now, Near Space Labs has raised $20 million in a Series B round to expand its unique imaging solution. This brings its total funding to over $40 million, following a $13 million Series A round in 2021.
Near Space Labs uses lightweight aircraft called Swifts. These solar-powered, balloon-lifted vehicles float into the stratosphere using helium and rely on wind currents to navigate. They glide back to Earth once missions are complete. The design eliminates the need for engines or pilots, making the system both cost-effective and low-risk.
The company claims its Swifts can gather detailed images in just hours—something that would take hundreds of thousands of drones days or weeks to complete. Each Swift can collect imagery at a resolution of 7 cm, and the startup aims to cover 80% of the U.S. population twice a year.
The Series B funding is led by Bold Capital Partners, a venture firm co-founded by Peter Diamandis of XPRIZE and Singularity University. Other investors include USAA, a major financial services provider for military members, Climate Capital, Gaingels, RiverPark Ventures, and returning backers like Crosslink Capital, Third Sphere, and Draper Associates.
This investor interest reflects a growing need for accurate, scalable, and cost-efficient aerial data—especially as industries increasingly rely on real-time insights powered by AI.
Founders and Origin Story
Rema Matevosyan, Ignasi Lluch, and Albert Caubet, all with deep roots in space and physics, launched Near Space Labs in 2017. Matevosyan, originally from Armenia, met Lluch at the Skolkovo Institute in Moscow, then considered the MIT of Russia due to its partnership with the U.S. university.
The trio later moved to the U.S. after joining the Urban-X accelerator in New York. Despite the closure of Urban-X and the end of the Skolkovo–MIT collaboration following U.S. sanctions on Russia, Near Space Labs has not only survived—it’s thriving.
One of the largest customers so far has been the insurance sector, which uses Near Space Labs’ imagery to assess damage from natural disasters like hurricanes and wildfires. Insurers like USAA are particularly interested in the startup’s ability to deliver fast, high-resolution visuals after catastrophic events.
The Swifts don’t need special licenses to fly. Since they’re balloon-powered and unmanned, deployment is simple and scalable. That makes expansion across the U.S. feasible in a relatively short timeframe.
Matevosyan says agriculture is another promising market. While some farms have used drones to monitor crops, these efforts often failed due to limited range and sampling issues. Drones can miss unhealthy areas or extrapolate inaccurately. On the other hand, satellite data often lacks sufficient resolution for detailed farm insights.
Near Space Labs provides a better alternative. Their balloons can image entire fields at high resolution for a fraction of the cost, making their system ideal for large-scale farming.
Military Potential Remains Untapped
Though the Swifts are technically dual-use and can carry small payloads, the company has yet to pursue military contracts. For now, the focus remains on commercial applications. However, with growing geopolitical tensions, the technology’s potential in defense may soon attract interest.
As industries embrace AI-driven analytics, tools like those from Near Space Labs become even more valuable. High-quality, timely data is critical for AI to function effectively. Investors see this as a pivotal moment for the company.
“The idea of low-cost aerial imagery is valuable for many parties, not just insurance,” said Will Borthwick of Bold Capital. “AI needs data, and Near Space Labs delivers it better than most.”
