Fleet Space raises $50m with minerals search tech

By on 25 May, 2023

Artist’s impression of the ExoSphere system. Courtesy Fleet Space Technologies.

Australian company Fleet Space Technologies has announced it has raised $50 million in a Series C round, bringing the company’s valuation to an impressive $350 million.

The investment boost comes on the back of the company’s success in commercialising its ExoSphere satellite-based mineral exploration technology.

ExoSphere is a system of satellite-connected, battery-operated geophones. Doing away with the need for drilling, the geophones are laid out on the ground in a grid and use real-time ambient noise tomography to enable 3D imaging of subsurface structures.

The system is currently used by more than 30 clients, such Rio Tinto, Barrick Gold Corporation, Core Lithium and Gold Fields. More than 100 surveys using ExoSphere have either been completed or are in progress.

“ExoSphere is transforming critical mineral and mining projects worldwide, and we’re proud to be leading the way in this important field,” said Flavia Tata Nardini, Co-Founder and CEO of Fleet Space Technologies.

“Our worldwide growth is a testament to our team’s hard work, talent and dedication. 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.

“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.”

Fleet Space Technologies has also recently secured a contract with Australia’s Defence Space Command, which will see its commercial satellites used to develop and demonstrate a low Earth orbit (LEO) satellite communications system.

The new funding round was led by Australasian venture capital firm and existing investor Blackbird, with Grok Ventures, Alumni Ventures and Hostplus also participating. Other investors include TelstraSuper, Bondi Partners/The 1941 Fund and Pavilion Capital.

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