California-based Charter Space has secured $5 million in a seed funding round led by Crystal Venture Partners. Additional participants included QED, Blank Ventures, Gaingels, and Hustle Fund. This latest injection of capital brings the company's total funding to $8 million since its inception in 2021.
The company operates the Charter Interplanetary Risk Corporation (CIRC), a brokerage that utilizes the Ubik space program management tool and an AI-driven underwriting system. This technology reduces the time required to secure insurance policies from several months to approximately two weeks.
Charter Space aims to address a significant market gap, as CEO Yuk Chi Chan estimates that roughly 97% of spacecraft currently in orbit operate without insurance. The firm plans to use the new funding to expand its sales team and broaden its insurance product offerings.
The company currently provides coverage for satellites across all mission phases, including pre-launch, launch, and post-launch. Future expansion plans include developing insurance products for specialized missions, such as nuclear-powered spacecraft, in-space servicing, and lunar hardware.
