YC Grad Spaceium Raises $6.3M for In-Space Refueling

Spaceium's Journey from Dryer Desk to $6.3 Million Seed Funding

In 2023, Ashi Dissanayake, a co-founder of the in-space fueling startup Spaceium, operated under extremely limited resources. She famously utilized the top of her clothes dryer as a workspace, even positioning her legs within the appliance itself.

Her computer was situated near laundry detergents, and she collaborated late into the night with her co-founder, Reza Fetanat, amidst disassembled robotic components. At that time, their operations were confined to a small apartment in Ottawa.

Significant Progress and Funding

Since those early days, Spaceium has transitioned to a proper office environment, completed the Y Combinator program, and recently announced a successful oversubscribed seed round of $6.3 million. This funding round was spearheaded by Initialized Capital.

The company is preparing for a demonstration mission to showcase its capabilities later this year. Dissanayake also indicated a robust and growing list of potential customers.

Origins and Early Research

The two co-founders initially connected at the University of Ottawa through a shared passion for space exploration. They collaborated on various research initiatives.

“We were involved in the construction of rockets, including their structural elements and propulsion systems, as well as the parachutes necessary for safe recovery,” Dissanayake explained. They launched rockets to altitudes reaching 30,000 feet, collecting data for Canadian laboratories.

Identifying a Critical Need

Through their research, Dissanayake and Fetanat identified a significant obstacle within the space industry: the absence of in-space refueling capabilities. Currently, spacecraft must carry all required fuel for the duration of their missions.

“Once a mission concludes, the spacecraft often becomes unusable space debris,” she stated.

The Vision for a Space "Super Highway"

For extended or deep space missions – such as the potential colonization of Mars – access to fuel in orbit will be essential. Spaceium’s core objective is to establish a network of refueling stations in space.

“Our ultimate goal is to create a space super highway, enabling spacecraft to dock, refuel, and continue their journeys,” Dissanayake elaborated.

Competition in the In-Space Refueling Sector

Spaceium is not alone in pursuing this vision. Orbit Fab is also actively developing in-space refueling technology, holding a several-year advantage in the field.

Furthermore, Astroscale, a Japanese aerospace company, has secured a $25.5 million contract from the U.S. Space Force to construct a refueling vehicle.

Spaceium's Competitive Edge

Despite the competition, Dissanayake is confident in Spaceium’s unique strengths. “We’ve developed a novel system for long-duration fuel storage, a capability that hasn’t been previously achieved,” she noted, while refraining from disclosing specific details.

Looking Ahead

While significant challenges remain, Dissanayake aspires to one day travel to space and observe Spaceium’s refueling stations from orbit, realizing the full potential of their work.