Karman+ Secures $20M for Asteroid Mining Spacecraft

The Frontier of Space Mining: Karman+ Secures $20 Million Seed Funding

Investors are increasingly focusing on cutting-edge technology startups, extending their search into previously unexplored areas. Karman+, a company aiming to develop autonomous spacecraft for asteroid mining, has recently secured $20 million in seed funding.

Asteroid Mining and In-Space Refueling

Karman+'s primary objective is ambitious: to construct a spacecraft capable of reaching asteroids, potentially millions of miles distant. The vessel will extract water from asteroid regolith and transport it back to Earth’s orbit.

This water will be utilized to refuel space tugs and extend the operational lifespan of aging satellites. The company envisions contributing to the extraction of rare metals and the development of a broader space manufacturing ecosystem.

A Concept Rooted in Science Fiction

The concept of asteroid mining, popularized in science fiction like the 2013 Nebula Award-winning novel “2312,” is now being pursued as a viable business venture. Karman+ believes advancements in autonomous technology and space exploration are bringing this goal within reach.

The team estimates mission costs at $10 million or less, a significant reduction compared to the $1 billion previously spent on asteroid exploration missions. They project a potential refueling market worth billions of dollars annually.

Launch Timeline and Company Origins

Karman+ is targeting its first launch for 2027. The company, based in Denver, Colorado, has its origins in The Netherlands through co-founder and CEO Teun van den Dries.

This European connection facilitated the seed round, led by London-based Plural and Antwerp-based Hummingbird, with participation from HCVC, Kevin Mahaffey, unnamed angels, and van den Dries himself.

Inspired by the Karman Line

The company’s name, Karman+, is derived from the Karman Line, defining the boundary between Earth’s atmosphere and outer space. This name reflects the founders’ approach to establishing the company.

Van den Dries and co-founder Daynan Crull previously collaborated at GeoPhy, a real estate data startup acquired for $290 million in 2022.

A Shift in Priorities

Following the acquisition of GeoPhy, van den Dries reevaluated his career goals. He described himself as a “science fiction nerd” with an aerospace engineering background, despite spending the last two decades building SaaS companies.

He sought a venture with a potentially greater impact than further SaaS optimization. He and Crull identified the space market as an under-invested area.

Cost Efficiency and Resource Accessibility

Van den Dries highlighted the cost efficiency of asteroid mining, as opposed to launching all components from Earth. Asteroids offer a readily accessible source of resources in an optimal orbit.

He believes that providing materials at competitive prices will create a positive feedback loop, enabling new possibilities in space exploration and manufacturing.

Competition and Challenges

Karman+ is not alone in pursuing asteroid mining; AstroForge is another startup in this space. However, significant challenges remain.

The spacecraft is still under development, and achieving the projected $10 million mission cost is not guaranteed. Past asteroid probes have been costly and infrequent, conducted by NASA and Japan.

Navigating Moving Targets

Asteroids are moving targets, often located vast distances from Earth. NASA tracks the closest approaches of these objects, which can range in size and distance from hundreds of thousands to millions of miles.

Furthermore, not all satellites utilize the hydrogen and oxygen required for Karman+'s refueling concept; solar and battery power are also common. Refueling technology itself is still evolving.

Future Funding Needs

Karman+ will require additional funding closer to launch. However, the team and its investors are currently focused on achieving incremental milestones.

Investor Confidence and Realistic Approach

Sten Tamkivi, a partner at Plural, expressed initial skepticism but was ultimately convinced by the founders’ pragmatic approach. He believes their cautious mindset will foster realism throughout the project.

Tamkivi contrasted this approach with the “YOLO” mentality often seen in the software industry, noting that space ventures typically involve detailed planning and thorough review.