Karman+, a startup with a bold vision to mine asteroids for resources, has raised $20 million in seed funding to propel its ambitious project forward. The company, founded by Teun van den Dries and Daynan Crull, aims to build autonomous spacecraft capable of traveling to asteroids, extracting water and rare metals, and returning to Earth's orbit to refuel satellites and support further space exploration.

The seed round, led by London-based Plural and Antwerp-based Hummingbird, brings together a diverse group of investors, including deep tech-focused HCVC, Kevin Mahaffey (Lookout), and unnamed angels. This significant investment will enable Karman+ to accelerate its hardware and software development, with plans to launch its first spacecraft in 2027.

Karman+'s mission is to tap into the vast resources available in asteroids, which could potentially provide a cost-effective and sustainable solution for space exploration. By extracting water from asteroids, the company hopes to create a new market for refueling satellites and space tugs, estimated to be worth single-digit billions of dollars per year. Additionally, Karman+ envisions contributing to the development of a wider space manufacturing ecosystem, reducing reliance on Earth-based resources.

While asteroid mining may seem like the stuff of science fiction, Karman+ believes that advances in autonomous technology, space exploration, and its own innovative approach make the goal more achievable than ever. The company's founders are confident that they can reduce mission costs to around $10 million, a significant decrease from the $1 billion spent on previous asteroid exploration missions.

However, the challenges ahead are substantial. Karman+ must overcome the complexities of building and testing its spacecraft, navigating the vast distances between Earth and asteroids, and addressing the technical hurdles of extracting resources from these celestial bodies. The startup will also need to secure additional funding to support its ambitious roadmap.

Despite these challenges, investors are drawn to Karman+'s unique approach and the potential for significant returns. Sten Tamkivi, a partner at Plural, praised the founders' skeptical and methodical approach, which he believes will help the team remain realistic and focused as they progress.

Karman+'s success could have far-reaching implications for the space industry, enabling more efficient and sustainable exploration and development of space-based resources. As the company pushes the boundaries of what is thought possible, it may inspire a new generation of entrepreneurs and innovators to pursue ambitious ventures in the final frontier.

With its seed funding in place, Karman+ is poised to take the next step in its journey to revolutionize asteroid mining and space exploration. As the company navigates the challenges ahead, its success could have a profound impact on the future of space technology and the resources available to humanity.