State government-backed investment fund Breakthrough Victoria is backing US stratospheric exploration company World View with $37 million to entice it to Melbourne.
The strategic investment will see World View establish its Indo-Pacific headquarters in the capital, as well as building an advanced manufacturing facility in Victoria, creating up to 200 jobs in engineering, mission control and flight operations, and data and material sciences.
World View manufactures, launches, and pilots stratospheric balloons that provide on-demand, high-resolution sensing, weather monitoring, and communication services that can stay airborne for up to 45 days. The company is also exploring space tourism in the stratosphere, which extends roughly between 10km and 50km above Earth.
As part of the deal World View will m Victoria as a hub for stratospheric remote sensing research, with investments in R&D at local universities and research centres.
It’s the second time this week that a state government has invested heavily in a US-based tech business to bring it to Australia, with the Queensland government backing PsiQuantum in a $940 million deal to build the first quantum computer in Australia in Brisbane, with hopes of creating up to 400 jobs.
Breakthrough Victoria CEO Grant Dooley said World View’s products have the potential to revolutionise various industries, from remote sensing to communications.
“We are thrilled to partner with World View in their mission to transform the way we approach stratospheric balloon technology,” he said.
World View CEO Ryan M. Hartman said they were eager to establish themselves in the state.
“Australia, especially Victoria, offers access to incredibly skilled talent, cutting-edge technology, promising partnerships, smart capital and significant geographic leverage to support our Indo-Pacific remote sensing and future space tourism operations,” he said.
Here’s an explainer of World View.
Trending
Daily startup news and insights, delivered to your inbox.