Fleet Space raises A$50M Series C to globalise revolutionary critical minerals exploration tech
“Since the launch of Exosphere, our groundbreaking product, we have achieved an impressive milestone of reaching $28 million in contracted revenues within a year, deploying customers in every continent of the world. This exceptional growth in revenue, coupled with our robust customer acquisition, has been a driving force behind our successful Series C round. The U.S. Energy Information Administration (EIA) has pointed out that the world will need hundreds of new mines to meet the critical minerals demand required for the energy transition. We are believers that space enabled data in exploration will allow the search for critical minerals to speed up so much that we will be able to reach humanity’s targets for net zero. With this capital we aim to map the subsurface of Earth and find the deposits that are needed with a much lower environmental impact.” Flavia Tata Nardini, CEO and Co-Founder, Fleet Space Technologies
Fleet Space Technologies has announced the successful completion of its heavily oversubscribed Series C fundraising round, raising a total of A$50 million. This substantial amount has more than doubled the company’s valuation, now surpassing A$350 million.
The new funding is led by Australasian venture capital firm and existing investor Blackbird. Grok Ventures, Alumni Ventures and Hostplus have also participated in the round. This is testament to Fleet exceeding growth expectations and moving through the critical growth milestones set out in the company’s over-subscribed Series B round, completed in 2021.
New investors such as TelstraSuper have further strengthened Fleet’s institutional register, as well as highly strategic investments from Bondi Partners / The 1941 Fund and Pavilion Capital. North Ridge Partners was Fleet’s exclusive financial advisor for the Series C round.
“Fleet Space Technologies has made stunning progress over the past year, with a game-changing product loved by customers. The company’s strong traction and sales during this time build on the team’s technical leaps forward, and Flavia’s magical ability to bring people together and make things happen. We are honoured to have invested in Fleet from its earliest days, and with this fundraise deepen our conviction in the company’s future.” Niki Scevak, co-founder and Partner, Blackbird Ventures
This latest funding round comes as a result of the company’s outstanding success in commercializing its revolutionary ExoSphere satellite-based mineral exploration technology worldwide. ExoSphere is currently in operation with more than 30 clients globally, including Rio Tinto, Barrick Gold Corporation, Core Lithium and Gold Fields with well over 100 surveys for mineral exploration projects either completed or in progress. Many of these minerals play a pivotal role in the energy transition necessary to achieve global net-zero targets. The significant growth in Fleet’s customer base and revenues resulted in the company more than doubling its valuation since raising its Series B round in 2021.
“Fleet Space Technologies is a genuine Australian success story, and a key player in our nation’s burgeoning space sector. I’ve followed the company’s fortunes closely over the years and know just how much time, effort, talent and dedication has gone into this success, which has now been richly and deservedly rewarded with this new funding round. It’s truly remarkable to witness Fleet’s exponential expansion, and their achievement of growing a team of 100 highly skilled staff is a testament to their vision and ability to attract top talent. I look forward to seeing Flavia, Matt and their team, and their investors, take Fleet Space Technologies to the next level and help secure Australia’s place in the global space industry.” The Hon Peter Malinauskas MP, Premier of South Australia
Federico Tata Nardini, Chief Financial Officer, Fleet Space Technologies says “This Series C success highlights our resilience and ability to thrive in the face of a challenging financial environment. When we completed our Series B funding round in 2021, the market was already contracted due to the global pandemic. Since then, the investment climate has become even more challenging, so to secure funding on this scale now is a huge achievement for us, and a fantastic vote of confidence from our new and existing investors.”
Those investors understand how Fleet’s satellite constellation is enabling mineral exploration, through ExoSphere’s rapid and innovative 3D subsurface imaging capabilities. This in turn transforms exploratory drilling, refining and accelerating the targeting process while also reducing its environmental impact. Each new ExoSphere deployment also generates a wealth of valuable subsurface data, which Fleet interprets using AI and machine learning to produce new analytics products for exploration teams. Fleet’s roadmap for these products includes predictive drill targeting models, lithology models, and other multiphysics models giving exploration teams greater certainty, faster. In parallel, the company is also iterating its Geode ground sensors to make them smaller, lighter, and capable of acquiring multiple data types simultaneously to further enhance the insights ExoSphere can deliver.
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.
With this new funding, Fleet is well-positioned to continue its impressive growth trajectory and expand its global presence, particularly in North America, building on proven demand across every continent. The company aims to become an essential partner for the world’s most progressive exploration companies, enabling them to locate critical transition minerals faster, and with greater accuracy. The new funding will also support the development of new technology enabled by Machine Learning and AI, and new strategic product lines on a global scale through an expanded constellation of satellites. Fleet is committed to expanding its highly skilled workforce in Australia and around the world, creating a genuine legacy for Australia and the wider global space industry.
Flavia Tata Nardini, Co-Founder & CEO of Fleet Space Technologies, said, “ExoSphere is transforming critical mineral and mining projects worldwide, and we’re proud to be leading the way in this important field. 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.”