Charter Space, a startup based in El Segundo, California, has secured $5 million in a seed funding round. The company, which previously participated in the TechCrunch Startup Battlefield, focuses on providing insurance services for the space and defense sectors.
The round was led by Crystal Venture Partners. Additional participants included QED, Blank Ventures, Hustle Fund, and Gaingels. To date, the company has raised a total of $8 million in funding.
Since launching its insurance brokerage in May, Charter Space has provided services to over 50 companies. The startup utilizes software that integrates technical, manufacturing, and test data to assist in the underwriting process for space-related assets.
The company plans to use the new capital to expand its sales team and develop insurance products for specialized missions. Future offerings will cover space-based nuclear power, lunar operations, and in-space spacecraft servicing.
