The Elements of Innovation Discovered
The Elements of Innovation Discovered
Metal Tech News - December 11, 2024
Fleet Space Geodes collect and streamline mineral exploration data before transmitting to satellites.
Fleet Space Technologies co-founders Flavia Tata Nadini and Matt Pearson.
Fleet Space's satellites enable rapid collection and analysis of mineral exploration data.
Fleet Space Technologies' LEO satellites collect streamlined geophysical relay data from ground-based sensors to a ground station for the quick creation of 3D subsurface maps of the area scanned.
There are certain moments when a step-change technology is perfectly timed to fill a need that is urgent and growing. Australia-based Fleet Space Technologies' satellite-enabled and AI-enhanced ExoSphere platform for discovering minerals critical to the energy transition is one of those technologies.
Fleet Space Technologies co-founders Flavia Tata Nadini and Matt Pearson.
"As we continue to strive for a net-zero future, the operational challenges involved with mineral discovery can no longer be viewed as isolated hurdles. They must be addressed through a unified technological approach that empowers exploration teams with real-time data, AI-driven insights, and streamlined workflows," Flavia Tata Nardini, co-founder and CEO of Fleet Space Technologies, penned in a column published by Metal Tech News in October.
Fleet Space's solution to these challenges has propelled the company to a $100 million Series D funding round that closed today. This strong investor interest, coupled with the rapid adoption of the ExoSphere mineral exploration solution, has elevated the Australia-based tech company's valuation to $525 million in less than a decade from its founding.
"This funding is not just a testament to Fleet Space's growth, strong investor confidence, and sustained innovation in core technologies needed to address dual challenges of climate change and mineral exploration. It's a signal that in a period of turbulent macroeconomic conditions, the shared commitment to build technologies needed for Earth's clean energy future combined with solid business execution can attract the right partners," said Federico Tata Nardini, CFO and chief investment officer of Fleet Space.
Fleet Space's Series D funding round was led by Teachers' Venture Growth (TVG), the late-stage venture and growth investment arm of the Ontario Teachers' Pension Plan
"Current mineral exploration methods are inadequate for efficient discovery and production," said Rick Prostko, senior managing director at TVG. Fleet Space addresses this with advanced 3D subsurface imaging and AI analysis tools, which have the potential to sustainably transform the industry."
TVG joins existing investors Blackbird Ventures, Hostplus, Horizons Ventures, Artesian Venture Partners, and Alumni Ventures.
"We're proud to continue our investment in Fleet Space, building on many years of history," said Niki Scevak, partner at Blackbird. "Quite simply, the discovery of critical minerals must exponentially increase if we are to electrify our society by 2050 and breakthroughs, like ExoSphere, are needed to make it happen."
Fleet Space's satellites enable rapid collection and analysis of mineral exploration data.
To help global mining companies exponentially increase the discovery of minerals and metals critical to the energy transition, Fleet Space has bundled satellites, AI, edge computing, and geophysics into its ExoSphere mineral exploration platform.
In essence, ExoSphere is a 21st-century upgrade to the geophysical techniques that have been used for decades to find hidden mineral deposits.
By integrating Fleet Space's constellation of low-earth-orbit (LEO) satellites with high-tech earthbound sensors and AI, Fleet Space's ExoSphere platform offers several advantages over traditional geophysical techniques.
These advantages begin with Fleet Space Geodes, which are hand-transportable, wireless, and battery-powered geophysics sensors that are easy to deploy. Once sufficient data is gathered by a grid of Geodes, these sensors use edge computing to partially process the raw information before transmitting the data to Fleet Space satellites.
This streamlined data is then relayed to a ground station that is able to deliver nearly real-time 3D mapping of mineral systems and AI-powered drill targeting with near-zero environmental impact.
Fleet Space Technologies' LEO satellites collect streamlined geophysical relay data from ground-based sensors to a ground station for the quick creation of 3D subsurface maps of the area scanned.
When compared to traditional geophysical survey methods, ExoSphere offers a much faster and more efficient end-to-end data journey, making exploration activities more dynamic and precise. This speedy delivery and data processing provides geological teams at remote mineral exploration projects access to real-time actionable insights.
"With ExoSphere, we have combined these technologies into an end-to-end platform that seamlessly integrates with and compliments modern mining operations – making the frontier of exploration technology accessible to the global mining industry within a single workflow. This is a fundamental step to unlock humanity's potential for making extraordinary discoveries with less environmental impact," said Flavia Tata Nardini.
In addition to strong investor support for the more efficient and sustainable mineral exploration platform, the rapid adoption of ExoSphere by large and small mining companies in the search for copper, lithium, nickel and other metals at projects around the globe validates Fleet Space's extraordinary claims.
As Barrick Gold, Rio Tinto, and others are deploying ExoSphere to meet the enormous demand for energy transition metals here on Earth, Fleet Space is adapting its technology to rapidly accelerate the exploration of new worlds.
The smart seismic sensors used as part of Fleet Space's ExoSphere system are the technological precursor for SPIDER, an extraterrestrial variant to be deployed on the Moon in 2026 to scan below the lunar surface.
"The convergence of innovation in space, AI, and 3D subsurface imaging represents a foundational pillar of the core technology set that will enable humanity to build permanent research stations on the Moon, Mars, and beyond," said Matt Pearson, chief exploration officer at Fleet Space.
This transfer of perfectly timed Earth scanning technology to space provides current and future Fleet Space investors plenty to be excited about.
"A bold new chapter in the history of space exploration is about to begin and we are positioned to play a significant role as humanity boldly ventures deeper into our solar system," Pearson added.
With more than 16 years of covering mining, Shane is renowned for his insights and and in-depth analysis of mining, mineral exploration and technology metals.
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