Fleet Space Co-Founders, Flavia Tata Nardini (CEO) & Matt Pearson (CXO). Photo: Fleet Space

Australian space startup Fleet Space Technologies closed a Series D funding round worth $150 million Australian dollars ($100 million) to grow the capabilities of its ExpoSphere platform, which combines satellite connectivity, 3D multiphysics, and AI to discover critical minerals. The round values the Australian space startup at more than AU$800 million ($525 million). 

The Teachers’ Venture Growth (TVG), the venture arm of Ontario Teachers’ Pension Plan led the round. Existing investors Blackbird Ventures, Hostplus, Horizons Ventures, Artesian Venture Partners, and Alumni Ventures joined the round as well.  

Fleet Space, based in Adelaide, South Australia, previously raised AU$50 million last year. The company has expanded its footprint to the U.S., Canada, Chile, and Luxembourg and has more than 130 employees. 

ExoSphere has contributed to more than 40 mineral exploration companies including Rio Tinto, Barrick Gold, and Power Nickel. The company also launched ExosSphere Discovery, a proprietary AI model to predict opportunity zones. 

CEO and co-founder Flavia Tata Nardini said that the company’s technology combines space, AI, and big data to help build a clean energy future. “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,” she said. 

Company leadership spoke to the nature of closing a substantial funding round in a market with less investor activity. 

“This funding … is 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,” said CFO Federico Tata Nardini. “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.” 

Correction: An earlier version of the story provided an incorrect value for the round in U.S. dollars. It has a set U.S. valuation of $100 million.