O’Melveny Advises AstroForge on US$40 Million Series A Funding Round
August 28, 2024
CENTURY CITY—August 28, 2024— O’Melveny advised AstroForge, an asteroid mining startup, on its US$40 million Series A funding round.
Announced on August 20, the funding round brings AstroForge’s total capital raised so far to US$55 million. The funding round was led by Nova Threshold, with participation from 776, Initialized, Caladan, YC, Uncorrelated Ventures, and Jed McCaleb.
AstroForge mines asteroids to extract valuable minerals in space at a lower cost and smaller carbon footprint than the current terrestrial mining methods. The company’s mission is to make space resources accessible on Earth.
The O’Melveny team advising AstroForge was led by partners Dan Wu, Ashwin Gokhale, and David Ribner, and associate Landon Harris.
About O’Melveny
It’s more than what you do: it’s how you do it. Across sectors and borders, in board rooms and courtrooms, we measure our success by yours. And in our interactions, we commit to making your O’Melveny experience as satisfying as the outcomes we help you achieve. Our greatest accomplishment is ensuring that you never have to choose between premier lawyering and exceptional service. So, tell us. What do you want to achieve? Visit us at www.omm.com; read our Insights 2024 report; learn more in our firm at-a-glance; and find us on LinkedIn, X, Facebook, Instagram, and YouTube.
Contact:
Brandon Jacobsen
O’Melveny & Myers LLP
+1 213 430 8024
bjacobsen@omm.com
# # #
AstroForge issued the following announcement:
Firing on all cylinders: Announcing $40M and Mission 3
8.20.24
From the day we started AstroForge, our goal has been the same – to unlock a cost-effective and sustainable mining solution that replenishes resources and safeguards our planet's future.
It's been an eventful few years for our team. We launched our first mission in April of last year, and later this year, we will launch our second mission, Odin, to deep space. We have been working tirelessly behind the scenes, and today we are thrilled to announce a huge milestone that will keep this momentum going. We’re honored to announce we have raised a $40M Series A round, led by Nova Threshold with participation from 776, Initialized, Caladan, YC, Uncorrelated Ventures and Jed McCaleb. This brings our total raised to date to $55M, with our investors representing some of the most forward-thinking and innovative folks in technology. This additional capital allows us to once again reshape the future and leave an indelible mark on history.
Mission 3: Vestri
Our third mission will feature our 200kg production vehicle, Vestri, which is designed to return to our target Near Earth Asteroid and dock with the body in space. Vestri’s insights and characterization of our target asteroid’s composition will allow us to obtain the quality and quantity of valuable elements located on the asteroid. The Vestri spacecraft will be developed completely in-house from the start, and launch on Intuitive Machines’ third mission in 2025.
If successful, this mission will be the first private mission to land on another body outside of our Earth-Moon system and will move us closer to realizing our mission of making off-world resources accessible to all humankind.
Looking ahead
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
Thank you to our investors and everyone who continues to believe in AstroForge. Now it’s time to go create the future we want to live in.