Victorian Earth observation satellite start-up firm, Esper Satellites, has been awarded $1 million in venture capital funding by virtue of coming out on top in the Northern Territory’s Croc Pitch 2024 competition.
The funding is to be provided, subject to due diligence, by the Paspalis Innovation Investment Fund.
Esper Satellites produces hyperspectral Earth observation (EO) payloads which, it says, are particularly suited for monitoring carbon emissions and deforestation, and for promoting sustainable mining and agriculture.
“We’re so glad to be the winners of PASPALIS & Darwin Innovation Hub’s Croc Pitch. There’s so much opportunity in the state of the Northern Territory and Esper is excited to have local partners as a part of our journey”, said Shoaib Iqbal, CEO of Esper Satellites.
Iqbal, who was recognised with inclusion on the Forbes 30 Under 30 Asia list in 2022, and the Australian list too, told InnovationAus.com that Esper plans to slash the cost of acquiring space-based hyperspectral imaging from around $40 per square kilometre to just $1.50.
“That’s the key to our product — affordable hyperspectral imaging that creates a wealth of new possibilities for our customers,” he told InnovationAus.com.
The company says it has secured $100 million in letters of intent and is in the process of raising a total of $4 million in seed funding to accelerate its operations.
The firm’s first EO mission, named ‘Over the Rainbow,’ saw the launch of two imagers aboard a SpaceX flight in March 2024, with a third planned for early 2025 in collaboration with India’s Dhruva Space and the Indian Space Research Organisation.
The company has plans to expand this to a constellation of 18 sensors in orbit, with nine of them to be in place by 2027.
“Esper’s technology is a major breakthrough for industries dependent on accurate data,” said Paspalis’ CEO, Harley Paroulakis.
“We’re excited to see how this investment will propel innovation and sustainability in mining and energy exploration.”
