Fleet Space valuation in orbit after $150 million capital raise
South Australian satellite technology company Fleet Space is now worth more than $800 million after it completed a Series D raise backed by major investment firms.
Fleet Space Technologies has landed a $150 million Series D that will be used to expand the capabilities of its critical minerals exploration tech ExoSphere.
The raise – led by Teachers’ Venture Growth and joined by existing investors Blackbird Ventures, Hostplus, Horizons Ventures, Artesian Venture Partners and Alumni Ventures – gives the Beverley-based company an $800 million valuation.
It follows a $50 million Series C led by Blackbird in 2023 that doubled the firm’s valuation to $350 million.
The company has focused on its ExoSphere technology, which provides the mining industry with insights into critical rare earth minerals necessary for the global energy transition.
“There are two versions of the future. One where we bend the latest advances in space, AI and big data towards building a clean energy future and another where we risk net-zero targets falling out of reach as the rate of new discoveries of energy transition minerals continues to decline,” Fleet Space co-founder and CEO Flavia Tata Nardini said.
“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.”
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On LinkedIn, Tata Nardini, an InDaily 40 Under 40 alumnus, said “dreams do come true”.
“I remember the day when Matthew Pearson and I decided the name of our startup, designed the logo and bought the domain for Fleet Space Technologies. The decision took less than 1 hour.
“That day, nine years ago, we had a dream and a vision but we knew that it was the beginning of a long journey where dedication and resilience would have been the ingredients. We received hundreds of nos, made a million of mistakes but never gave up, with a purpose to help humanity to move forward.
“Today we celebrate the effort and dedication of all the employees, customers, partners and friends that have been part of our dream so far, the believers such as our early investors and OTPP that is joining our vision and propelling us into a future where resources are sustainable on this beautiful planet.”
Co-founder and chief exploration officer Matt Pearson added that while Fleet Space’s tech was advancing the data-driven exploration of Earth, the company has laid the foundation to accelerate the exploration of new worlds.
Smart seismic sensors onboard the ExoSphere system represent the technological precursor for its lunar variant – SPIDER – which will be deployed on the Moon in 2026.
The company is also collaborating with MIT Media Lab’s Space Exploration Initiative to advance off-world research.
“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,” Pearson said.
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“The flywheel we’ve created by continuously enhancing the subsurface understanding of Earth through the global deployment of ExoSphere simultaneously drives advances in the technology needed to build highly scalable, data-driven exploration systems for new worlds.
“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.”
Rick Prostko, senior managing director of Teachers’ Venture Growth – the late-stage venture and growth investment arm of Ontario Teachers’ Pension Plan – said the ability to meet the demand for critical minerals presents “a significant challenge to achieving global net-zero targets”.
“Current mineral exploration methods are inadequate for efficient discovery and production,” Prostko said.
“Fleet Space addresses this with advanced 3D subsurface imaging and AI analysis tools, which have the potential to sustainably transform the industry.
“We are proud to support the multidisciplinary team at Fleet Space in their efforts to accelerate the global energy transition.”
For Fleet Space, the raise follows a period of exponential growth including recently expanding its global footprint to the United States, Canada, Chile and Luxembourg with more than 130 employees worldwide supporting the deployment of ExoSphere.
The company is now working with industry leaders like Rio Tinto and Barrick Gold, and is delivering the world’s largest real-time 3D imaging survey in Australia’s Macquarie Arc.
Outside of mining, Fleet has also won work in the defence industry. In April 2023, Fleet secured a $6.4 million contract with Australia’s Defence Space Command.
“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,” Fleet Space CFO and chief investment officer Federico Tata Nardini said.
“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.
“We are proud to be among the few companies globally to close a Series D round in the context of reduced activity in the venture ecosystem and look forward to furthering our vision, strategic initiatives, and roadmap to scale the business to the next level.”
