Tucson-based stratospheric balloon operator World View Enterprises has opened a new fundraising round to advance its high-altitude sensing business, after dropping a bid to go public last fall.
The company announced Wednesday, March 13, that it launched and initially funded a Series D investment round led by strategic partner Sierra Nevada Corp., a major aerospace and defense contractor deeply involved in airborne sensor systems.
The amount of the initial investment was not disclosed by World View, which has raised more than $50 million in earlier rounds of private investment since its founding in 2012, including a $26.5 million round in 2018.
World View said the investment builds upon a multi-year strategic partnership initiated between World View and SNC in 2022, while also including participation from both new and existing investors that were not disclosed.
The company said the latest fundraising round βspecifically supports the increasing demand for high-altitude intelligence, surveillance, and reconnaissance (ISR) capabilities identified by the U.S. Army, U.S. Air Force, U.S. Department of Defense, and global defense forces, as well as growing demand for commercial remote sensing solutions.β
βThis strategic funding round is a testament to the confidence our investors have in our vision. We are well-positioned to not only meet the increasing demands for high-altitude ISR capabilities but also to pioneer new advancements in stratospheric exploration,β Ryan Hartman, president and CEO of World View, said in announcing the latest funding.
World View, which operates from a balloon-making facility and headquarters leased from Pima County near Tucson International Airport, says it has made more than 120 balloon flights for testing and for paying customers, including a test flight lasting 45 days.
World View also has developed a passenger-carrying balloon vehicle for stratospheric tourism and had been taking reservations for the $50,000 flights.
The company pivoted to focus on its remote-sensing business when it announced in January 2023 that it planned to take its stock public through a merger with Leo Holdings II Corp., a Special Purpose Acquisition Company set up solely to acquire and take private companies public.
But in November, World View and the so-called blank-check company announced they had mutually agreed to drop the merger plan, citing market conditions.
Tucson-based World View Enterprises plans to start flying tourists to the stratosphere in balloon vehicles by 2024. Video courtesy of World View.
