Fleet Space Technologies doubles valuation

Fleet Space Technologies has just completed its third fundraising round (Series C), more than doubling the company's valuation to over A$350 million (US$228 million).

This financial achievement is a reflection of the company's innovative ExoSphere technology, which utilizes a constellation of low-earth-orbit nanosatellites for rapid 3D subsurface imaging that will help mining companies locate valuable minerals and metals.

When combined with artificial intelligence and machine learning to interpret the subsurface data collected and create new analytics, Fleet Space's technologies help to accelerate the targeting process for mineral exploration, which greatly reduces overall environmental impact.

With the hunt for potential deposits sporting well over 100 surveys either completed or in progress, including lithium and other critical minerals, many are playing a vital role in the energy transition race, and Fleet's solutions are steadily growing in demand.

"Since the launch of Exosphere, our groundbreaking product, we have achieved an impressive milestone of reaching $28 million in contracted revenues within a year, deploying customers in every continent of the world," said Fleet Space Technologies Flavia Tata Nardini. "This exceptional growth in revenue, coupled with our robust customer acquisition, has been a driving force behind our successful Series C round."

This latest A$50 million (US$32.6 million) round of funding was led by Australasian venture capital firm and existing backer Blackbird alongside Atlassian cofounder Mike Cannon-Brookes' Grok Ventures, super fund Hostplus and Alumni Ventures. New investors on Fleet's institutional register include TelstraSuper, Bondi Partners/The 1941 Fund and Pavilion Capital.

"Fleet Space Technologies has made stunning progress over the past year, with a game-changing product loved by customers," said Niki Scevak, cofounder of Blackbird Ventures. "The company's strong traction and sales during this time build on the team's technical leaps forward, and Flavia's magical ability to bring people together and make things happen. We are honored to have invested in Fleet from its earliest days, and with this fundraise, deepen our conviction in the company's future."

Propelling innovation

Continued – and consistently oversubscribed – funding for Fleet's ongoing mission is a testament to the company steadily surpassing growth expectations and speeding through critical milestones with outstanding success, namely commercializing its revolutionary ExoSphere satellite-based mineral exploration technology now employed worldwide by more than 30 mining clients including Rio Tinto, Barrick Gold, Core Lithium and Gold Fields.

Fleet's steady upward trajectory promises continued expansion of its global presence into North America, building on proven demand and becoming an essential partner to the world's most progressive exploration companies in their drive to discover the minerals critical to a zero-carbon future.

"The U.S. Energy Information Administration (EIA) has pointed out that the world will need hundreds of new mines to meet the critical minerals demand required for the energy transition," said Nardini. "We are believers that space enabled data in exploration will allow the search for critical minerals to speed up so much that we will be able to reach humanity's targets for net zero. With this capital we aim to map the subsurface of Earth and find the deposits that are needed with a much lower environmental impact."

The fresh injection of funds from the Series C financing will support the development of new AI technologies, as well as globally available strategic product lines and planetwide connectivity opportunities through an expanding constellation of microsatellites.

"With this new funding, we are in an ideal position to propel further innovation and drive growth within the mineral exploration industry, not only in Australia but across the globe," said Nardini.

Extraterrestrial ambitions

Fleet's ExoSphere uses ambient noise tomography (ANT) to map Earth's subsurface. In essence, this is a space age modernization of airborne and ground-based geophysical surveys that geologists have been using for decades to locate potential orebodies hidden beneath Earth's surface.

ExoSphere's low-power ground sensors are distributed throughout areas of interest, transmitting seismic data via Fleet's low-Earth-orbit constellation of seven satellites to be interpreted by specialized AI analytics for various clients.

Fleet's upcoming product development includes predictive drill targeting and lithology (rock characteristic) models, giving mineral exploration teams quick and accurate multi-physics data. The company is also developing its Geode ground sensor to be more portable, with increased capabilities for recording multiple data types simultaneously.

"ExoSphere is transforming critical mineral and mining projects worldwide, and we're proud to be leading the way in this important field. Our worldwide growth is a testament to our team's hard work, talent and dedication," said Nardini. "Looking ahead, our vision extends beyond Earth as we aim to leverage these cutting-edge techniques to scan the Moon and Mars, enabling responsible exploration and unlocking extraterrestrial resources that were once out of reach."

These extraterrestrial ambitions are shared by Australian leaders that have been following Fleet's high-flying success.

"Fleet Space Technologies is a genuine Australian success story, and a key player in our nation's burgeoning space sector," said South Australia Premier Peter Malinauskas. "I've followed the company's fortunes closely over the years and know just how much time, effort, talent and dedication has gone into this success, which has now been richly and deservedly rewarded with this new funding round. It's truly remarkable to witness Fleet's exponential expansion, and their achievement of growing a team of 100 highly skilled staff is a testament to their vision and ability to attract top talent. I look forward to seeing Flavia, Matt and their team, and their investors, take Fleet Space Technologies to the next level and help secure Australia's place in the global space industry."