Charter Space has raised $5 million to bring insurance products to the space industry. The company positions itself as a bridge between space startups and traditional insurers, which it says are often put off by the field's dense technical jargon.
According to the company, a common experience for space companies is that regular insurers hear "a bunch of scary science words" and decline to underwrite. Charter Space aims to translate those risks into terms that standard insurance markets can understand and price.
The new funding will support the startup's effort to expand coverage for satellite operators and other space ventures. The report did not disclose additional details about investors or valuation.