Charter Space Secures $5M to Modernize Aerospace Insurance

The funding round was led by Crystal Venture Partners, with participation from QED, Blank Ventures, Hustle Fund, and Gaingels. Charter Space, founded by Yuk Chi Chan and Yukun Yin, originally intended to build centralized software for aerospace engineering. The team pivoted after identifying a critical gap: traditional insurers often struggle to assess the risks associated with satellite manufacturing and launch, leading to prohibitive costs for space companies.

By integrating technical, manufacturing, and test data directly into the underwriting process, the company aims to broaden access to insurance. According to Chan, this shift is vital for the space industrial base, as broader coverage allows firms to move beyond reliance on venture capital by attracting debt and credit financing. The rise of commercial space players, fueled by lower launch costs, has created a market where insurance is no longer a niche requirement but a fundamental necessity. Florida insurance commissioner Michael Yaworsky noted that such financial infrastructure is the primary precondition for scaling the space economy.

Charter Space has raised $8 million in total capital to date. The new funds will support the expansion of its sales organization and the development of specialized insurance products. The company plans to offer coverage for high-stakes mission concepts, including lunar operations, in-space servicing, and space-based nuclear power.