Astroforge has received $13 million in funding following a new seed funding round led by Initialized Capital.
The Y Combinator Asteroid mining startup is based in California and was not established until January 2022 for the sole purpose of taking “asteroid mining from the realm of sci-fi to the realm of reality† according to co-founder of AstroForge and CEO Matt Gialich.
The $13 million in funding raised will fund Astroforge’s first two missions, the first of which will be a demonstration flight currently booked for a rideshare mission on a SpaceX Falcon 9 next year. Astroforge is also working with OrbAstro to create the first satellite for its first demonstration flight and already has a collection of candidate asteroids in mind to visit.
The asteroids that Astroforge targets are between 20 meters (65.6 feet) and 1,500 meters (0.93 miles) in diameter. Astroforge focuses mainly on asteroids with high concentrations platinum group metalsincluding ruthenium, rhodium, palladium, osmium, iridium and platinum.
†If we have access to the unlimited resources from space, we can move away from harmful mining practices on Earth and get the materials we need to expand our scientific capabilities. To say this is a game changer is an understatementsaid Brett Gibson, general partner at Initialized Capital.
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