Asteroid mining startup AstroForge has relocated to new headquarters in Seal Beach, added three high-level advisers and secured an additional $40 million in funding.
The latest developments bring the company closer to turning what once seemed like science fiction into the realm of commercial reality.
The new 64,000-square-foot facility will support AstroForge’s upcoming missions and house asteroid mining and refining technology, spacecraft integration, internal manufacturing and testing systems.
“We view our new headquarters not just as a workplace but as a launchpad for creativity and technological breakthroughs, tailored to meet the needs of our growing team,” the company said in a Sept. 16 blog post.
The firm, which plans to mine valuable metals and other resources and bring them back to Earth, launched its first mission in April of last year and expects to launch its second mission, Odin, into deep space later this year.
One goal of the program is to bring back the valuable metal platinum. The platinum group metals are used in products ranging from jewelry to catalytic converters in cars, electronics and cancer-fighting drugs.
The project could also help replenish some of the Earth’s rapidly declining critical resources, including cobalt and nickel, from the speeding space bodies, according to Forbes magazine.
The Billionaire Investor
“AstroForge is working hard to reach deep space, and we’re excited to spotlight the trailblazers and visionaries who are actively involved in driving our mission,” the company says.
The three recently named advisers to help reach that goal are:
Dr. Lindy Elkins-Tanton: Leading expert in metal asteroids and principal investigator for NASA’s Psyche mission.
Justin Chandler: VP of Government Relations and Strategic Partnerships at ThinkOrbital, with extensive experience in the U.S. Space Force and SpaceX.
Kimberly Crider: Aerospace expert and the former chief technology and innovation officer of the U.S. Space Force, bringing valuable expertise in space strategy and operations.
There is new money to make that happen.
AstroForge said Sept. 16 it had raised a $40 million Series A round, led by Nova Threshold with participation from 776, Initialized, Caladan, YC, Uncorrelated Ventures and Jed McCaleb, bringing the company’s total financing raised to date to $55 million.
The company said its investors represent “some of the most forward-thinking and innovative folks in technology.”
McCaleb, whom Forbes estimated as having a worth of $2.4 billion, is best known for creating the Mt. Gox bitcoin.
Third Mission to Land
AstroForge’s third mission, expected next year, will feature its 200-kilogram production vehicle, Vestri. The vehicle is designed to travel to a targeted “near Earth Asteroid” and dock with the speeding body in space. The asteroid’s name has not yet been disclosed.
Vestri’s insights and characterization of the targeted asteroid’s composition will allow AstroForge to sample the quality and quantity of valuable elements located on it.
If successful, the mission will be the first private mission to land on another body outside of the Earth-Moon system and will move the company closer to realizing its mission of making what it calls “off-world resources” accessible to all humankind, according to AstroForge.
“The horizon looks bright, and if we are successful, this will be a giant leap forward as we work to establish a new and untapped supply chain of raw materials for Earth,” the company said in August.
AstroForge is one of several OC firms making pathbreaking advances in aerospace and space technology.
Defense company Anduril Industries in Costa Mesa sports a wide array of aerial weapons including unmanned fighter jets and deadly drones, while Dzyne, with operations in OC, is collaborating with the Romanian military on defense systems.
Asteroid Miner Eyes Final Front
AstroForge CEO Matt Gialich is convinced that his startup will one day bring back precious metals, valuable minerals and other resources from speeding asteroids as it competes against a government-funded Chinese company.
“I wouldn’t be doing this if I didn’t think we could win – 100%,” Gialich told the Business Journal in July. “Size doesn’t really dictate how fast you can make progress and how much risk you’re willing to take.”
And if a cynic approached him asking him why he thinks he can achieve the company’s goal, Gialich would reply: “Why do you think we can’t?”
“We have all the math to back this up. We have all the physics to back this up.”
He calls it “the final frontier of resource mining” beyond Earth.
— Kevin Costelloe
