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🦄 Unicorner Startup of the Week:
Charter Space
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✍️ Notes From The Editors
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Today’s startup comes to us from one of our readers! We were connected with Charter Space CEO Yuk Chi Chan in January after an early advisor of his (who was also a long-time Unicorner fan) put us in touch. After hopping on a call, we could immediately see that his and his co-founder’s backgrounds were uniquely positioned to build software that could completely overhaul how space missions are managed. It was a story we knew we had to tell, and so we’re excited to bring our rundown on Charter Space to you.
Also: Charter Space is looking for strategic investors and partners in the space industry. If you or someone you know would like an intro, please reply to this email and we’ll connect you with the team!
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📖 Read Recommendation
Startups.fyi shares real-life examples of profitable startups and side-projects, and shows you how much money they make.
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Satellite mission management
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Charter Space is building an all-in-one management software built to aid satellite missions. The software, known as UBIK, optimizes the logistics of a mission by serving as a single unified platform, making all necessary data and operations accessible to team members. Some of its dashboard features include automated compliance and paperwork management, data visualization tools, and user-defined roles to control access to the software.
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💰 Business Model
Charter charges per satellite mission, with pricing depending on various factors.
📈 Traction and Fundraising
- Raised $1.2 million pre-seed round from Techstars, 7percent Ventures, and a number of strategic angels
- Took part in the Fall 2022 cohort of the Techstars Aerospace and Defense accelerator
- Partnered with NASA JPL, Leaf Space, Prewitt Ridge, and other innovators in the industry
👫 Founders
Before founding Charter Space, CEO Yuk Chi Chan spent years working in the space industry. His career began when he dropped out of high school to enlist in the Singapore Armed Forces, where he spent time directing machinery. Later, he worked at a space startup building satellite propulsion systems. During his time there, he realized how much time engineers spent addressing logistics hurdles as opposed to focusing on the company’s core product, which led to his founding of Charter. Yuk Chi is also a space lawyer and has had his research published by Springer Nature and the European Space Agency.
Yukun Yin is a full-stack software engineer that specializes in scalable and reliable enterprise systems. During his time at ME3 (which was acquired by EVOS Esports), he built DevOps and development infrastructure. At Credit Suisse, he built data streaming and compliance infrastructure, which was able to achieve a 99.999% uptime across three continents. He is also a former Singapore Armed Forces combat engineer, and he has had his research published by the IEEE.
💼 Opportunities
🔮 Our Analysis
Founded from a personal obstacle, Charter Space is solving the common logistic challenges at space startups, meaning engineers can spend more time innovating their product and less time on menial tasks. More specifically, CEO Yuk Chi Chan told us how he saw teams at his previous space startup spending hours on routine logistics work rather than advancing the company’s actual mission. Given the often tight windows for production, the time engineers spend is extremely valuable. Charter Space aims to eliminate roadblocks and help space companies efficiently launch their satellite missions with its collaborative program management software, known as UBIK. It claims its software is “the only specialized and integrated end-to-end solution in the satellite market.” UBIK is currently in a closed pilot program, and Charter plans to launch a commercial beta at the end of 2023. With the amount of technical experience behind the product and record growth in the space industry, we believe the stars have aligned for Charter Space.
📚 Further Reading
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💰 Bonus Content
Y Combinator published a list of the top companies that have gone through its accelerator since 2005. The list can be sorted by private, public, acquired, and high-growth startups. Check it out!
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