Loading organizations...
Planetary Resources developed technologies for asteroid resource extraction, aiming to expand Earth's material base. Its strategy focused on small, cost-effective space telescopes, like the Arkyd-100 series, for Earth observation and astronomy. These spacecraft, using laser-optical communication, surveyed near-Earth asteroids, demonstrated by test launches Arkyd 3 Reflight and Arkyd 6.
Founded as Arkyd Astronautics on January 1, 2009, by Peter Diamandis, Eric C. Anderson, and Chris Lewicki, the company originated from insight into space's vast, untapped resource wealth. Diamandis co-chairman; Lewicki, president. Initial ambiguous naming concealed asteroid mining ambitions until public unveiling, reflecting a long-term strategic vision.
Planetary Resources envisioned a future where extraterrestrial materials catalyze global economic growth and facilitate space exploration. While offering observation satellites, its mission was to establish a new paradigm for resource acquisition beyond Earth. This company sought to integrate space-derived resources into human industry, ensuring prosperity and pioneering new frontiers.
Planetary Resources has raised $21.0M across 1 funding round.
Planetary Resources has raised $21.0M in total across 1 funding round.
Planetary Resources was a pioneering space technology company focused on developing technologies for asteroid mining to expand Earth's resource base through robotic exploration and extraction of materials like water and precious metals from near-Earth asteroids.[1][2] Initially rebranded from Arkyd Astronautics in 2012, it planned to start with low-cost space telescopes (Arkyd 100 Series) for Earth observation and astronomy, using these to survey asteroids before advancing to prospecting probes and full mining operations.[1][2][3] The company served potential customers in Earth observation while targeting the broader problem of resource scarcity by enabling sustainable extraction for space propellant, industrial metals, and terrestrial applications like electronics and fuel cells.[1][4]
Despite early hype and billionaire backing, Planetary Resources ceased operations in 2018 after failing to secure critical funding, leading to layoffs and the indefinite delay of its first asteroid mission originally slated for 2020.[1]
Planetary Resources originated as Arkyd Astronautics, founded on January 1, 2009, by Eric C. Anderson and Dr. Peter H. Diamandis, with Chris Lewicki joining as a key figure and later becoming President and CEO.[1][2][3][5] Diamandis, known for X Prize Foundation, and Anderson, a space industry veteran, conceived the idea amid growing interest in space resources, operating in stealth mode until publicly revealing asteroid mining ambitions in 2012.[1][3][5] Early traction came from high-profile investors like Google co-founders Larry Page and Eric Schmidt, Ross Perot Jr., Charles Simonyi, and advisers including James Cameron, former NASA astronaut Tom Jones, and MIT's Sara Seager.[2][3][4][5]
Headquartered in Redmond, Washington, the company built a team with expertise from Mars missions and non-aerospace fields, raising significant funding and developing initial tech like mid-wavelength infrared sensors for asteroid scouting.[3][6] Pivotal moments included the 2012 rebrand and announcement at Seattle's Museum of Flight, positioning it as a leader in commercial space resource utilization.[1][4]
Planetary Resources rode the early 2010s commercial space boom, fueled by falling launch costs and NewSpace innovators like SpaceX, positioning asteroid mining as an "anchor industry" to fuel solar system expansion amid Earth's resource limits.[2][4][5] Its timing capitalized on ~8,900 known near-Earth asteroids with high-value metals (potentially $15 quintillion market) and water for in-space refueling, addressing terrestrial shortages in platinum for catalysts and electronics.[1][4][5]
The company influenced the ecosystem by normalizing robotic resource utilization, inspiring followers like AstroForge, and proving dual-use tech (e.g., sensors for Earth imaging).[3] Market forces like investor enthusiasm for space tech worked in its favor initially, but high capital needs and tech risks highlighted challenges in deep-space commercialization.[1]
Planetary Resources' bold vision ultimately faltered on funding realities in 2018, marking it as a cautionary tale for space startups chasing decade-long horizons like asteroid mining.[1] Its legacy endures in advanced sensors and the validated concept of near-Earth prospecting, paving the way for revived efforts amid maturing reusable rockets and lunar economies.
Looking ahead, successors may succeed where it stalled, driven by trends like orbital manufacturing and Artemis program demand for space resources—potentially unlocking billions in annual economic value as launch costs drop further.[5] While the company is defunct, its "expand Earth's resource base" ethos ties back to the high-level dream of sustainable space utilization, now closer to reality in today's accelerating NewSpace race.[1][2]
Planetary Resources has raised $21.0M in total across 1 funding round.
Planetary Resources's investors include Bryan Johnson, 2xN, Cervin Ventures, CP Ventures, F-Prime Capital Partners, Great Oaks Venture Capital, Grotech Ventures, Hoxton Ventures, Marathon Venture Capital, Jonathan Golden, Revolution, Winklevoss Capital.
Planetary Resources has raised $21.0M across 1 funding round. Most recently, it raised $21.0M Series A in May 2016.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| May 1, 2016 | $21.0M Series A | Bryan Johnson, Bryan Johnson | 2xN, Cervin Ventures, CP Ventures, F-Prime Capital Partners, Great Oaks Venture Capital, Grotech Ventures, Hoxton Ventures, Marathon Venture Capital, Jonathan Golden, Revolution, Winklevoss Capital, Larry Page, Conversion Capital, Grishin Robotics, Idea Bulb Ventures, Seraph Group, Space Angels, Tencent, Vast Ventures |