California-based Charter Space secures $5 million seed to grow space insurance
Business
Charter Space, a California-based startup, just scored $5 million in seed funding to grow its space insurance business.
It already works with more than 50 clients across the US space and defense world.
The round was led by Crystal Venture Partners, with support from QED, Blank Ventures, Hustle Fund, and Gaingels.
Charter Space centralizes data for underwriting
Insuring objects that go to space is still a rare practice, largely because of the high cost of underwriting something like a satellite.
Charter Space is tackling this by using centralized software for aerospace engineering that brings together the technical, manufacturing, and test data and plugs that data into the underwriting process.
With $8 million raised so far, it's helping build a safer future for the growing space industry.