A Tucson-based stratospheric balloon company has launched a new funding round to advance flight capabilities and production of its remote sensing platforms.
World View in February opened a series D round with an undisclosed initial investment by aerospace and defense company Sierra Nevada Corp., along with participation from new and existing investors.
The company declined to comment on the total amount raised from investors so far, citing "fundraising mechanics."
“This round is featuring a rolling close, so until we close the full round, unfortunately we can’t disclose any details on the raise and valuation," Phil Wocken, a World View spokesman, told the Business Journal in an email. "... I wish we could, because it’s a number we’re proud of, but fundraising mechanics are forcing my hand on what we can disclose at this time."
World View declined to disclose the amount of financial backing from investors, PitchBook data, however, shows the company raised $70.7 million on Feb. 27 in the deal led by Sierra Nevada Corp. It’s important to note, however, that Pitchbook data can vary from the actual funding amount.
"This strategic funding round is a testament to the confidence our investors have in our vision,” Ryan Hartman, president and CEO of World View, said in a statement. “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."
The series D round will support rising demand for World View's high-altitude intelligence, surveillance, and reconnaissance capabilities for the U.S. Army, U.S. Air Force, U.S. Department of Defense as well as growing demand for commercial remote sensing systems, according to a company announcement.
With the investment, World View is poised to execute a "robust flight manifest over the next 24 months," as it streamlines its flight systems and capabilities, the company said.
As part of the funding round, Sierra Nevada Corp. executive Jon Piatt joined World View’s board, along with Dennis Muilenburg, a former chief executive and chairman for Boeing and current CEO of New Vista Capital.
"More than ever, high-altitude platform solutions are becoming an increasingly important capability for the space and defense industry," Piatt said in a statement. "SNC is committed to quality and excellence in performance, and we look forward to enhancing this much-needed capability in coordination with World View."
World View claims it has completed more 120 stratospheric flights exceeding more than 100,000 feet via its steerable balloon vehicles. The company’s clients include NASA, National Oceanic and Atmospheric Administration, and the Defense Department. It was established in 2012 and U.S. Sen. Mark Kelly was among its co-founders, although he's no longer involved in the company, according to media reports.
World View also pursuing space tourism
World View's funding round comes on the heels of its pivot back to the private market after it abandoned plans in November to go public via a merger with Los Angeles-based special purpose acquisition company Leo Holdings II Corp.
“Given the challenging market conditions, we determined that now wasn’t the right time to go public,” Wocken said. “But also, due to the strong investor interest we received over the course of 2023, we knew that pivoting to a strong private series D was a viable path forward.”
Wocken added the series D round provides World View with runway to remain private for now, but the company may revisit available options in a couple of years if it “considers another financing event.”
In addition to its products for aerospace and defense, World View is aiming to tap into the space tourism market.
The near-space exploration company previously announced it was developing manned, pressurized passenger capsules lifted by a high-altitude balloon that could carry people 100,000 feet above Earth with commercial flights beginning in 2024. The company was offering tickets for $75,000 with a $7,500 deposit in 2018, CNBC reported.
In total, the company plans to have seven launch sites around the globe near Amazonia in Brazil; the Giza Pyramids in Egypt; the Serengeti in Kenya; the Great Wall of China in Mongolia; the Great Barrier Reef in Australia; the Aurora Borealis in Norway and the Grand Canyon.
As of March, World View had temporarily closed pre-sales for its commercial passenger flights, according to the company’s website.
Wocken said is slated to begin commercial flights at the Grand Canyon launch site — which is sold out for its first year of operations — by mid-2026. It plans to open pre-sales for other sites “one at a time” in the future.
“As we get closer to commercial operation, we will allow our queue of deposit holders to secure their flight window before we reopen our booking engine to allow new participants to secure their reservations,” he said.
