Fleet Space raises new funding to globalise critical minerals exploration tech

Fleet Space raises new funding to globalise critical minerals exploration tech
by Staff Writers
Adelaide, Australia (SPX) May 24, 2023

Australian company Fleet Space Technologies has completed a highly successful Series C fundraising round, amassing a total of A$50 million and more than doubling the company's valuation to over A$350 million. The company's ground-breaking product, Exosphere, has seen the company secure $28 million in contracted revenues within a year, operating across every continent.

The investment round was spearheaded by existing investor Blackbird, an Australasian venture capital firm, along with Grok Ventures, Alumni Ventures, and Hostplus. New investors such as TelstraSuper have further bolstered Fleet's institutional base, along with strategic investments from Bondi Partners / The 1941 Fund and Pavilion Capital. North Ridge Partners served as Fleet's financial advisor for this round.

Fleet's proprietary ExoSphere technology, a satellite-based mineral exploration platform, has transformed the company's fortunes. Operating with more than 30 clients globally, including Rio Tinto and Barrick Gold Corporation, the technology is vital for mineral exploration projects essential in the global transition towards net-zero.

Fleet's Chief Financial Officer, Federico Tata Nardini, points out the success of the Series C funding as evidence of the company's resilience, especially in light of an adverse investment climate due to the global pandemic.

The heart of Fleet's operation lies in its satellite constellation, which through the ExoSphere, enables comprehensive mineral exploration using innovative 3D subsurface imaging. This accelerates the exploratory drilling process while reducing environmental impact. It also generates valuable data, which Fleet employs AI and machine learning to interpret, creating analytics products for exploration teams.

Recently, Fleet secured a contract with Australia's Defence Space Command, utilising its commercial satellites to develop a Low Earth Orbit (LEO) satellite communications system.

The fresh funding will boost Fleet's global expansion, with a specific focus on North America, on the back of its demand worldwide. The company is poised to partner with leading exploration companies to expedite the discovery of crucial transition minerals.

Additionally, the funding will be used for the development of new technologies harnessing machine learning and AI, along with launching new strategic product lines globally. Fleet plans to expand its skilled workforce, both in Australia and globally, thus cementing its place in the global space industry.

Flavia Tata Nardini, CEO of Fleet Space Technologies, lauded ExoSphere's transformative impact on mineral and mining projects globally. She expressed that the new funding ideally positioned the company to spur innovation and catalyse growth within the mineral exploration industry, globally.

Flavia shared her ambitious vision for the future: "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."