When Yuk Chi Chan set out to build Charter Space in late 2021, it was after a long period of frustration. As a mission manager at a satellite bus startup, he coordinated the company’s first demonstration mission using critical data scattered across Microsoft Excel. In addition to managing internal engineering operations, Chan, a former space lawyer, had to repackage the same critical engineering and program data for different external audiences. He found the situation absurd, questioning why there couldn’t be a unified interface or data model to represent the information correctly for anyone viewing it.
This experience spurred him to found Charter. The company is not just a developer tool for aerospace engineers, but is better described as a fintech company for the space industry. The software captures manufacturing and test data directly from the source. This dataset then feeds an underwriting interface that integrates with the six largest insurance carriers in the market. Charter Space is a Startup Battlefield Top 20 finalist at TechCrunch Disrupt 2025, which runs this week in San Francisco.
The company’s goal is to enable faster, cheaper, and more reliable risk evaluation for spacecraft insurance. Eventually, it aims to power new forms of credit and non-dilutive funding for space companies seeking alternatives to venture capital and public markets. The biggest technical challenge has been developing the underwriting model, understanding which factors matter most, how they should be weighted, and layering risk analytics on top of the captured data. Chan noted that small satellites often fail within the first 90 days in orbit due to internal technical faults, a pattern the company is trying to capture and price.
Spacecraft insurance is currently rare. Of the roughly 13,000 satellites in orbit, fewer than 300 are insured. The issue is not fraud or misaligned incentives, but simply the high cost of underwriting. Today, operators assemble extensive technical documentation and wait for months as a technical underwriter ingests the data. This time is reflected in high premiums, with Chan hearing quotes as high as 80 percent.
Charter aims to cut these costs by providing a complete picture of all technical details, so underwriters do not spend months assessing a single risk. This allows more assets to be insured, which means more risk can be pooled, creating a healthier market overall. The company wants more satellites to be insured because it creates a safer space industrial base and provides companies with a safety net. It also encourages global investment from alternative capital sources, reducing reliance on venture capital or growth equity and enabling options like debt and credit.
Charter’s tool is already live with companies and universities. It also offers a lighter product for customers who only want the insurance benefit without the full suite of engineering management features. The company also announced at TechCrunch Disrupt the acquisition of Plover Parametrics, a Y Combinator-backed insurtech originally focused on climate parametric products. This move will allow Charter to provide white glove service by placing policies directly instead of relying on intermediaries.
The larger vision is to unlock cheaper capital sources for space companies. If underwriting becomes more standardized, it paves the way for more financing options. The industry needs to bring in banks and lenders as they represent a more efficient capital source, both in terms of cost and incentives.