Planetary Resources says its first telescope, which will help the company find asteroids to mine, will be ready in 21 months.
Bloomberg reports Planetary Resources co-founder Peter Diamonds made the announcement in an interview with German business newspaper Handelsblatt.
In the interview Diamonds also said he wouldn't commit to a timeline for the space mining plans.
Earlier this year the heads of the world's five biggest space agencies discussed the possibility of mining on the moon at the International Space Station members meeting.
Several countries, including China, have already expressed an interest in mining the moon's resources and a number of prototype machines already exist.
Among the consortium of investors behind Planetary's asteroid mining plans is Google CEO Larry Page.