Karman+ has secured funding to advance its asteroid mining technology, aiming to make space exploration more sustainable and cost-effective.
Colorado-based company Karman+ has raised $20M to advance asteroid mining and support space exploration. The funding round, led by Plural and Hummingbird, also saw participation from HCVC, Kevin Mahaffey (Lookout), and company co-founder Teun van den Dries. This investment will help fund the High Frontier mission in 2027, a key step in proving the technology needed to extract valuable resources from space.
One giant leap for asteroid mining
Founded by entrepreneur Teun van den Dries (CEO) and space strategist Daynan Crull (Mission Architect), Karman+ aims to make asteroid mining more accessible and cost-effective. As the space industry expands, it requires a reliable supply of materials and fuel to sustain satellites, research, and manufacturing. Instead of launching these resources from Earth at great expense, Karman+ seeks to harvest them from asteroids.
Karman+ was established in 2022 and headquartered in Denver, Colorado. The company’s goal is to realise viable asteroid mining by developing autonomous spacecraft and using off-the-shelf technology to reduce mission costs from $1 billion to under $10 million. The company plans to launch its first test mission and customer missions in 2027.
Current methods of bringing materials back from space come with astronomical costs. For instance, NASA’s OSIRIS-REx mission cost $1.3 billion to retrieve just a small sample of asteroid dust. Karman+ plans to use autonomous spacecraft to mine asteroids at a fraction of this cost, making the concept commercially viable for future space operations.
Transforming mined asteroid resources into fuel
The High Frontier mission will test Karman+’s mining technology by deploying automated systems to locate and extract materials from asteroids. The company uses a “COTS+” (Commercial Off-The-Shelf Plus) approach, adapting readily available technology for space applications to reduce expenses. As Karman+’s inaugural technical demonstration mission, High Frontier aims to validate the company’s approach to scaling deep space excavation missions. The team is developing technology for autonomous operations, including optical navigation for interplanetary journeys (known as beacon nav), systems for mapping and interacting with asteroids, and zero-gravity mining equipment for large-scale excavation of asteroid regolith.
A key objective is to extract water from asteroids, which can be converted into rocket fuel. This innovation could drastically reduce space travel costs, as satellites and space tugs—vehicles that assist satellites in orbit—could refuel in space instead of relying on costly Earth-launched supplies. In the long term, asteroid mining could also provide materials for in-space manufacturing of pharmaceuticals and electronics, reducing the environmental impact of these industries on Earth.
Pioneering a transparent approach to space exploration
Unlike many private space companies, Karman+ embraces openness and collaboration. It shares updates with the global space community to foster industry-wide progress. CEO Teun van den Dries stated, “The a has moved out of science fiction and academic research into a commercial market opportunity that we can build for today. Over the next two years, we are building the technology and infrastructure to make it possible to access materials in orbit and transform them into rocket fuel to supply the space economy.”
Plural partner Sten Tamkivi highlighted the importance of Karman+’s mission: “Opening up the space economy will be essential in the long term to build our resilience here on Earth for solving challenges like climate change by accessing these critical minerals. But many steps must be taken before we get there.”
Hummingbird partner Barend van den Brande also expressed confidence in Karman+’s impact: “Karman+ is going to open up asteroid mining and provide the means to support the space economy, first for fuel and manufacturing in the future. The founders have an impressive track record and the momentum to break down barriers that have held this industry back from making an impact.”
By developing efficient and scalable asteroid mining technology, Karman+ is positioning itself at the forefront of a new era in space exploration. With its innovative approach, the company aims to make space travel more affordable, sustainable, and resource-efficient, reducing reliance on Earth-based materials while unlocking the full potential of the space economy.
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