Latest news with #NearSpaceLabs
Associated Press
29-04-2025
- Business
- Associated Press
Near Space Labs Raises $20M Series B Round to Scale Stratospheric Imaging for the AI Age
BROOKLYN, N.Y.--(BUSINESS WIRE)--Apr 29, 2025-- Near Space Labs today announced $20 million in Series B funding to accelerate delivery of its ultra-high-resolution, frequent aerial imagery across the continental United States. Bold Capital Partners, founded by entrepreneur Peter Diamandis of XPRIZE and Singularity University, led the round, with participation from USAA, Climate Capital, Gaingels, and River Park Ventures, joined by existing investors Crosslink Capital, Third Sphere, Draper Associates, and others. '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,' said Will Borthwick, Principal at Bold Capital. '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.' The funding announcement comes as the multi-trillion-dollar insurance industry increasingly demands detailed, frequent data to drive competitive decision-making. This trend, largely driven by a greater focus on AI enabled workflows in insurance, is a determined move away from traditional risk analysis that relied on static, decades-old modeling containing significant variances due to extensive data gaps. 'We are proud to announce an investment in Near Space Labs,' said Nathan McKinley, USAA vice president and head of corporate development. '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.' As organizations increasingly rely on high-resolution geospatial insights, Near Space Labs will leverage its new funding to increase imagery coverage to include 80 percent of the U.S. population twice a year, providing industries like property and casualty (P&C) insurance with mission-critical 7cm imagery to modernize decision-making. To do so, Near Space Labs is significantly expanding its proprietary 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. This coverage capability would otherwise require approximately 800,000 drone flights to achieve, and the fleet accomplishes in a single flight what traditional systems need days or weeks to complete. Operating at altitudes three times higher than airplanes—the strategic point above aircraft but below satellites, the robots can mobilize rapidly for urgent missions or provide regular, scheduled coverage updates across extensive geographic regions. 'Earth observation users have been forced to choose between satellite imagery lacking detail and traditional aerial surveys that are costly and infrequent,' said Rema Matevosyan, CEO and co-founder of Near Space Labs. '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.' In 2025, carriers and partners subscribing to the nationwide coverage program will also gain access to customized coverage plans, tailored to their specific operational needs. Businesses looking to enhance their intelligence capabilities with scalable, geospatial data are encouraged to connect with Near Space Labs today. About Near Space Labs Near Space Labs is the leader in stratospheric remote sensing, providing high-resolution, frequently updated aerial imagery through its nationwide network of Swift robots. Near Space Labs' platform delivers unmatched 7cm resolution imagery that revolutionizes how organizations monitor and respond to our changing world. The company's private market focus has enabled it to build sustainable technology that meets the needs of commercial clients while reducing reliance on federal funding. Founded in 2017 and based in Brooklyn, NY, Near Space Labs has raised over $40 million to date. For enquires, please contact Near Space Labs at View source version on CONTACT: Media Jillian Smith [email protected] KEYWORD: UNITED STATES NORTH AMERICA NEW YORK INDUSTRY KEYWORD: SATELLITE INSURANCE DATA MANAGEMENT ENGINEERING PROFESSIONAL SERVICES TECHNOLOGY AEROSPACE MANUFACTURING SOURCE: Near Space Labs Copyright Business Wire 2025. PUB: 04/29/2025 10:40 AM/DISC: 04/29/2025 10:39 AM
Yahoo
20-02-2025
- Business
- Yahoo
IAG Firemark Ventures invests in 7Analytics and Near Space Labs
IAG Firemark Ventures, the venture capital arm of Australian insurer IAG, has made investments in climate risk technology providers 7Analytics and Near Space Labs. Based in Bergen, Norway, 7Analytics uses advanced geoscience and machine learning (ML) to develop high-precision models for assessing flood and landslide risks. Its predictive models enable insurers to accurately pinpoint risk at the individual asset level for both residential and commercial properties. 7Analytics co-founder and chief operating officer Jonas Aas Torland said: 'In recent years we have seen intense precipitation impact entirely new areas and our platform assumes the next big event could happen anywhere. 'This investment from Firemark Ventures will help our company accelerate, scaling both commercially and geographically.' Near Space Labs specialises in stratospheric balloon technology, providing aerial imagery and data collection services for various industries. The company is said to have the potential to capture high-resolution data from up to 100,000ft, providing cost-effective solutions for businesses. Near Space Labs CEO Rema Matevosyan stated: 'By partnering with Firemark Ventures, we will gain valuable insights, expertise and resources that can help us enhance our operations, expand our reach and better serve our customers.' The latest funding adds 7Analytics and Near Space Labs to the venture's group of 25 portfolio companies, including RavinAI. RavinAI leverages tow truck driver imagery, helping IAG to reduce the time from claim lodgement to assessed total loss by an average of 11 days, IAG said. IAG Firemark Ventures general partner Scott Gunther said: 'IAG Firemark Ventures' purpose is to bring the outside world into IAG, by investing and partnering with start-ups to transform how we deliver insurance. We have a proven record of successfully connecting our start-up portfolio companies with our business to deliver on our purpose.' In November 2024, IAG announced plans to acquire a 90% stake in the Royal Automobile Club of Queensland's insurance underwriting business. However, the Australian Competition and Consumer Commission has raised concerns about the acquisition's potential effects regarding personal lines and repair services, and is currently seeking feedback. "IAG Firemark Ventures invests in 7Analytics and Near Space Labs " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
