Fleet Space Technologies’ valuation rockets to $350 million after $50 million Series C

Fleet Space Technologies has raised a casual $50 million in what it describes as a “heavily oversubscribed” Series C round. This has resulted in the company’s valuation more than doubling to over $350 million.

This follows the company’s oversubscribed Series B round back in 2021 which sat at $36 million.

The fresh round of funding was led by previous investors Blackbird, Grok Ventures, Alumni Ventures and Hostplus.

New investors such as TelstraSuper, Bondi Partners, The 1941 Fund and Pavilion Capital also participated in the round.

The company attributes the new investment to the commercialisation of its ExoSphere satellite mineral exploration technology. This utilises 3D subsurface imaging to refine exploratory drilling while also reducing environmental impact. It also utilises AI and machine learning to interpret subsurface data and create new analytics products.

It’s now being used by more than 30 clients worldwide, including Rio Tinto, Barrick Gold Corporation, Core Lithium and Gold Fields. Fleet has also entered into a contract with Australia’s Defence Space Command, to use its commercial satellites as a Low Earth Orbit (LEO) satellite communications system.

In addition to this, the company is making its Geode ground sensors, which are capable of extracting multiple data sets simultaneously, smaller and lighter.

The new funding will be used to expand globally, particularly in the US as well as further develop its tech stack in regards to AI and machine learning capabilities.

“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,” Flavia Tata Nardini, co-founder and CEO of Fleet Space Technologies, said in a statement.

“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.”