Charter Space brings fintech to spacecraft insurance and is showing off its stuff at TechCrunch Disrupt 2025

Yuk Chi Chan's journey to establish Charter Space in late 2021 stemmed from a challenging experience in satellite management. While working as a mission manager at a satellite bus startup, he was faced with the chaos of crucial data being stored in Microsoft Excel. Balancing internal engineering operations and the task of reformulating the same essential data for various external stakeholders became overwhelming. "It was all the same data. It was all about the same physical object," Chan recalled. This frustrating realization propelled him to create Charter Space, which he describes not merely as a development tool for aerospace engineers but as a fintech enterprise tailored for the space industry. The platform efficiently collects manufacturing and testing data straight from the source, feeding it into an underwriting interface linked to the six largest insurance providers in the sector. As a Top 20 finalist in the Startup Battlefield at TechCrunch Disrupt 2025 in San Francisco, Charter Space aims to revolutionize spacecraft insurance with faster, more cost-effective, and reliable risk assessments. Chan envisions this innovation could eventually facilitate new credit avenues and non-dilutive funding options for space firms seeking alternatives to venture capital. A significant challenge for the company has been developing a robust underwriting model that accurately assesses the most critical factors influencing risk. Chan pointed out that small satellites frequently fail within the first 90 days of orbit due to internal faults, a trend Charter Space is striving to analyze and price effectively. Currently, spacecraft insurance is scarce. Of approximately 13,000 satellites in orbit, fewer than 300 are insured, as Chan noted. The primary barrier isn't fraud but the prohibitive costs associated with underwriting. Presently, operators compile extensive technical documents, submit them to brokers, and endure lengthy waits for technical underwriters to evaluate the data. This drawn-out process contributes to exorbitant premiums, with quotes reaching as high as 80%. Charter Space's goal is to streamline this process by providing comprehensive technical insights, enabling underwriters to assess risks more efficiently. This improved efficiency could lead to more assets being insured, thus promoting a healthier insurance market. Chan emphasizes that increasing the number of insured satellites will enhance overall safety within the space industry. "If we can proliferate insurance coverage, that's beneficial for the space industrial base, allowing more companies to operate with a safety net," he explained. This approach also fosters a more robust economy by attracting diverse investment sources beyond traditional venture capital. Charter’s platform is already operational with various companies and universities, and it also offers a simplified product for customers seeking just the insurance benefits. During TechCrunch Disrupt, the company announced the acquisition of Plover Parametrics, a Y Combinator-backed Insurtech focused on climate-related insurance products. Chan believes this acquisition will enable Charter to deliver tailored services by directly placing policies without intermediaries. Ultimately, the mission is to unlock more affordable capital options for space companies. By standardizing underwriting processes, a broader range of financing possibilities can emerge. "We need to integrate banks and lenders into this space, as they represent a more efficient capital source in terms of cost and incentives," Chan concluded. Interested parties can explore Charter Space's innovations and witness numerous pitches and presentations at Disrupt, taking place from Monday to Wednesday in San Francisco.