Orbit Fab Raises $6M Seed Round - In-Space Fueling Startup

Orbit Fab CDO Jeremy Schiel demonstrates the company’s satellite connection technology during TC Disrupt 2019.

Orbit Fab, a startup specializing in on-orbit servicing and describing itself as a provider of “in-space refueling,” has secured additional investment for its initial funding phase. This supplementary investment originates from Munich Re Ventures, the venture capital division of Munich Re Group, a leading global insurance provider. Munich Re Group is a prominent insurer for satellite operators, delivering coverage for pre-launch activities, launch phases, and in-orbit functionality.

Orbit Fab, a participant in the 2019 TechCrunch Disrupt Battlefield, has developed a system featuring in-space propulsion units capable of directing spacecraft to refueling stations in orbit. Spacecraft connect to these stations using the company’s specialized fueling connector. The system is engineered for straightforward integration into new satellite designs, enabling convenient in-space refueling without the need for complex robotic capture and docking mechanisms.

The startup aims to foster a more environmentally responsible and economically viable commercial space environment, prolonging spacecraft lifespan, lessening space debris, and lowering costs for businesses. Integrating Munich Re Ventures as an investor should significantly benefit Orbit Fab in developing more durable, long-lasting spacecraft and incorporating these into risk assessments for satellite launch and operational costs.

“Establishing a propellant supply chain relies heavily on the financial structure,” explained Orbit Fab co-founder and CEO Daniel Faber in a recent discussion. “Our focus is on how to mitigate our customers’ risks, shifting capital expenditures to operational expenses while maintaining a stable risk profile.”

Faber further noted that Timur Davis from Munich Re Ventures increasingly attended space industry conferences, leading to conversations with Faber. It became apparent that the venture firm was formulating an investment strategy centered on in-space servicing and infrastructure, ultimately leading to Orbit Fab being selected as its initial investment under this new strategy.

This latest investment increases Orbit Fab’s total seed funding to $6 million, encompassing $2 to $3 million in government grants alongside venture capital. The company has also conceptualized and investigated a “self-docking satellite” package, receiving funding from the National Science Foundation for initial requirements analysis, and is now prepared to begin the design and construction phases. 2021 is anticipated to be a pivotal year for numerous companies in the space sector, and Orbit Fab, with its innovative approach to sustainable and scalable satellite operations, is certainly a key player.