Only Asian investor to back Impulse Space across 4 consecutive rounds
Deep tech co-investments expand to include Mistral AI and others
'Hanwha VC Connect' links portfolio firms with Korean investors and industry
Hanwha Asset Management has formed a project fund backed by four domestic institutional investors to participate in the Series D1 round of US space company Impulse Space, marking its fourth consecutive investment round in the firm since Series B as it continues to expand its global space industry investment network.
The asset manager said Thursday the investment opens a channel for Korean institutional investors to access leading companies in the global space industry. Hanwha Asset Management is the only investor in Korea — and in Asia — to have backed Impulse Space continuously since its Series B round.
Impulse Space has drawn attention for its potential to extend the space industry's revenue model into in-orbit transportation services. The company was founded in 2021 by Tom Mueller, a founding member of SpaceX who served as its chief technology officer for more than a decade and led development of the Merlin engine. It develops orbital transfer vehicles that carry satellites and cargo to their target orbits after a launch vehicle delivers them to space.
Its low-Earth-orbit transfer vehicle Mira has completed three missions to date. The company is also developing Helios, a transfer vehicle designed for direct geostationary orbit insertion. It is participating in the next-generation missile defense program Golden Dome alongside US defense firm Anduril.
Impulse Space raised approximately $500 million in June, pushing its cumulative funding past $1 billion. Founders Fund, established by prominent US investor Peter Thiel, is among its major shareholders.
Beyond Impulse Space, Hanwha Asset Management invests in global deep tech companies across space, AI, robotics, next-generation energy and defense. Its space portfolio includes ICEYE, SpaceX and Valda Space. On the AI side, it holds positions in OpenAI, Mistral AI, Grok and ElevenLabs. Robotics investments include Physical Intelligence, Skild AI and 1X, while its defense holdings include Shield AI and Havoc AI.
The firm plans to continue identifying promising deep tech companies through its network of overseas venture capital firms and founders, and to expand co-investment opportunities with domestic institutions. It will also continue operating Hanwha VC Connect, a network program that links portfolio companies with Korean investors and industry partners.
kacew@heraldcorp.com
