New technology, however, using drones, artificial intelligence and weather balloons aims to modernize and accelerate that process. Near Space Labs, a Brooklyn, New York-based startup, invented "Swifts," or stratospheric, AI-enabled robotic cameras that fly on weather balloons. The giant weather balloons fly twice as high as airplanes cruise. Insurance and reinsurance companies, like Swiss Re, are using Near Space to help them understand and price risk. In addition to Third Sphere, Near Space Labs is backed by Crosslink Capital, Wireframe Ventures, IAG Firemark Ventures, Toyota Ventures and Leadout Capital.

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Persons: Helene, Milton, Rema Matevosyan, Matevosyan, Shaun Abrahamson, Lisa Rizzolo Organizations: Space Labs, Labs, Swifts, Insurance, Swiss, Crosslink, Wireframe Ventures, IAG Firemark Ventures, Toyota Ventures, Leadout, CNBC Locations: Brooklyn , New York