INNOSPACE successfully launched a test rocket, becoming the first domestic corporation to do so. SpaceLinTech is developing new drugs in the microgravity environment of space. CONTEC has successfully built satellite ground station services. These space corporations operate in different fields, but they share one commonality: they have received investments from Company K.

Company K Partners has established itself as a leading player in space investment, largely due to the contributions of Investment Division Head Lee Kang-soo (56). Currently representing the venture capital (VC) industry as a prominent investor, Lee's childhood dream was to become an astronaut. He pursued this dream by enrolling in the Department of Mechanical Engineering at Korea University, subsequently earning a master's degree in noise vibration control research from Korea Advanced Institute of Science and Technology (KAIST). Upon entering university, he joined the astronomy observation club.

Lee Kang-soo, the representative of Company K, said in an interview with ChosunBiz on the 21st, “South Korea is a manufacturing country and has an advanced technology defense industry, so I believe there are plenty of opportunities in space.” /Courtesy of Lee Jong-hyun.

Although he started as an engineering student dreaming of becoming an astronaut, Lee has now become a representative of the venture capital industry; his focus remains on space. With the advent of the 'New Space' era, characterized by private companies leading space development, Lee stands at the forefront of discovering and investing in domestic space startups.

Company K has invested in 12 domestic aerospace corporations. When including companies with technologies applicable to the space sector either directly or indirectly, the number of space corporations that have gone through Lee's hands increases. In this way, the dreams Lee held about space are being realized by startups.

On the 21st, in a meeting at the Company K office in Samsung-dong, Seoul, Lee noted, 'It's not just out of passion and dreams that we invest in space.' He explained that space holds immense growth potential. This means investments are made because it's a lucrative field.

Lee cited the satellite communication service Starlink from the U.S. company SpaceX as an example. Although SpaceX has not disclosed information related to Starlink, Lee has unofficially estimated that, as of last year, Starlink subscribers numbered around 2.2 million. SpaceX has earned approximately $4.2 billion (about 6.1551 trillion won) from Starlink. Currently, around 7,000 Starlink satellites are operational in space. If SpaceX's plan for 24,000 operational satellites is realized, the number of subscribers and revenue is likely to increase significantly.

In the Kennedy Space Center Launch Complex 39A in Cape Canaveral, Florida, the Falcon 9 rocket of SpaceX, carrying 49 Starlink satellites for building a space internet network, is flying into space along a parabolic trajectory. /Courtesy of Yonhap News.

Lee stated, 'By 2027, the number of Starlink subscribers is expected to grow to 18 million, ten times the current number, and revenue is projected to reach $26 billion (about 38 trillion won).' He explained that if subscribers increase to 100 million, revenue could reach 300 trillion won, a scale similar to Apple's revenue.

The space market is no longer only the domain of advanced nations like the U.S., China, and Europe. Lee believes there are still ample opportunities for South Korean corporations. He noted, 'Dozens of small and medium-sized enterprises collaborated to create the Nuri rocket,' and added that 'South Korea, as a manufacturing nation with advanced technology in the defense sector, has ample opportunities in space as well.'

Lee highlighted four key areas related to space: transportation, satellites, utilization, and exploration, while introducing domestic corporations. The representative companies he identified include INNOSPACE, Lumir, and CONTEC.

For latecomer South Korean space corporations, what is lacking is time and opportunity to grow. This is why Lee actively searches for and invests in space corporations. Last year, Company K was selected as the operator of a 10.5 billion won New Space fund managed by the Korea Aerospace Agency. This fund was created at the government level to invest in space corporations.

Lee pointed out, 'Even if the fund size is small, companies receiving investments can gain credibility as they are recognized by the government.' He further elaborated, 'The New Space fund aims to play a role as a catalyst by investing 300 million won or 500 million won to help these corporations establish themselves.' He used the example of the startup Made, which received 500 million won from the New Space fund, having started as an in-house startup at Hyundai Motor Company before spinning off last year.

Lee Kang-soo, the representative of Company K, visited the Jang Bogo Antarctic Research Station last year. He directly observed scientific research conducted in an environment similar to space. /Courtesy of Lee Kang-soo.

Made is a corporation with technology for 3D printing using silicon carbide (SiC), a hard-to-machine material. Lee explained, 'Utilizing Made's technology, we can 3D print a methane engine,' and added, 'We invested through Company K while also proceeding with investments through the New Space fund.'

South Korea's New Space industry is just waking up. This implies that many potential technologies still lie dormant within schools or research institutions. He noted, 'Having been involved in venture investments for 25 years, I've witnessed many industries grow, and a crucial factor is seeing successful cases emerge around us,' adding, 'As successful examples like INNOSPACE or CONTEC arise, experts from research institutes like the Korea Aerospace Research Institute and the Korea Astronomy and Space Science Institute are increasingly interested in starting businesses.'

Lee emphasized the need to study in order to find hidden space technologies. During the interview, he showed a collection of materials he had gathered over the past year from attending numerous space-related conferences and events. He regularly attends international events such as the International Astronautical Congress (IAC) held abroad each year. Last year, he spent a month at the King Sejong Station in Antarctica to directly observe what kind of research is being conducted in extreme environments similar to space.

What is Lee's next goal? He stated, 'I want to create a Korean-style space station.' As private space stations aimed to replace the soon-to-be-retired International Space Station (ISS) head into space in the 2030s, Lee views the competition to seize ownership of unclaimed real estate in Earth's orbit.

The International Space Station (ISS) measures 108.5 meters in length and 72.8 meters in width, making it similar in size to a World Cup soccer field. Its construction cost over $140 billion (about 205 trillion won). However, Lee stated that a private space station could be feasible with a smaller scale.

For instance, U.S. company Voyager Space, which has embarked on developing a private space station, plans to create a small space station with a diameter of 8 meters and transport it to space aboard SpaceX's large launch vehicle, Starship. The required budget is around 1 trillion won. Lee remarked, 'Once satellites and space stations begin to cluster in Earth's orbit, some form of order will emerge,' adding, 'South Korea will need a space station to engage in activities in space.'