Astroforge has received $ 13 million in funding following a new round of initial funding led by Initialized Capital.
The California-based asteroid mining startup Y Combinator was founded in January 2022 with the sole purpose of bringing “asteroid mining from the realm of science fiction to the realm of reality.” according to the co-founder and CEO of AstroForge. Matt Gialich.
The $ 13 million in secured funding will fund Astroforge’s first two missions, the first of which will be a demonstration flight currently booked for a shared travel mission on a SpaceX Falcon 9 next year. Astroforge has also partnered with OrbAstro to create the first satellite for its initial demo flight and already has its eye on a collection of candidate asteroids to visit.
The asteroids that Astroforge will target are between 20 meters (65.6 feet) and 1,500 meters (0.93 miles) in diameter. Astroforge is especially aimed at asteroids with high concentrations of platinum group metals, which include ruthenium, rhodium, palladium, osmium, iridium, and platinum.
“If we can access 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 that this changes the game is an understatement.” , said Brett Gibson. general partner of Initialized Capital.
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