Prior to World War II the vast majority of telescopes built around the world were funded by wealthy people with an interest in the heavens above.

However, after the war, two significant developments in the mid-20th century caused the burden of funding large astronomical instruments to largely shift to the government and academic institutions. First, as mirrors became larger and larger to see deeper into the universe, their costs grew exponentially. And then, with the advent of spaceflight, the expense of space-based telescopes expanded even further.

But now the tide may be turning again.

On Wednesday evening, former Google CEO Eric Schmidt and his wife, Wendy, announced a major investment in not just one telescope project, but four. Each of these new telescopes brings a novel capability online; however, the most intriguing new instrument is a space-based telescope named Lazuli. This spacecraft, if successfully launched and deployed, would offer astronomers a more capable and modern version of the Hubble Space Telescope, which is now three decades old.

A billionaire with a keen interest in science and technology, Schmidt and his wife did not disclose the size of his investment in the four telescopes, which collectively will be known as the Schmidt Observatory System. However, it likely is worth half a billion dollars, at a minimum.

“For 20 years, Eric and I have pursued philanthropy to seek new frontiers, whether in the deep sea or in the profound connections that link people and our planet, committing our resources to novel research that reaches beyond what might be funded by governments or the private sector,” Wendy Schmidt said in a statement to Ars. “With the Schmidt Observatory System, we’re enabling multiple approaches to understanding the vast universe where we find ourselves stewards of a living planet.”

Essentially the Schmidts have taken innovative telescope concepts that scientists have proposed for government funding and will provide the money needed to build them. Their gift has enormous potential to advance the study of astronomy and astrophysics.