Fleet Space Raises $100M for Satellite Mineral Prospecting

Fleet Space Technologies Secures $100 Million in Series D Funding

Despite a general downturn in late-stage investment within the space sector this year, Fleet Space Technologies has successfully closed a $100 million Series D funding round.

Accelerating Mineral Prospecting with ExoSphere

The Adelaide, Australia-based company will utilize the new capital to expedite the advancement of its ExoSphere platform. This platform is designed to facilitate real-time mineral exploration utilizing data gathered from space.

Currently, Fleet Space operates a constellation of two satellites in low Earth orbit. These satellites are interconnected with ground-based sensors.

Through the application of artificial intelligence, data from both the sensors and the satellites is processed. This generates predictive analyses and precise drill targeting information for mineral prospectors.

Expanding to Lunar Exploration

Fleet Space is also preparing for lunar exploration, with a payload scheduled for deployment on the moon via Firefly Aerospace’s lunar lander in 2026.

This lunar sensor will collect seismic data from the moon’s surface. The data will contribute to a more comprehensive understanding of the lunar subsurface and its mineral composition.

Investment Details and Company Valuation

The funding round, which brings the company’s valuation to $525 million, was spearheaded by Teachers’ Venture Growth (TVG), the investment division of the Ontario Teachers’ Pension Plan.

Existing investors, including Blackbird Ventures, Hostplus, Horizons Ventures, Artesian Venture Partners, and Alumni Ventures, also participated in the round.

Fleet Space Technologies has experienced a significant increase in valuation, more than doubling since its Series C funding round concluded last year.

Here's a summary of the key investors: