Fleet Space Technologies has raised $150m for minerals exploration goals

The company will pursue M&A and hire expert staff following a huge capital raise, as it seeks to revolutionise minerals exploration.

Fleet Space founders, CEO Flavia Tata Nardini and chief exploration officer Matthew Pearson. Picture: Emma Brasier

Fleet Space Technologies has raised $150m to bolster further growth, as the Adelaide-based company progresses its mission to revolutionise minerals explorationon earth, and eventually the moon.

The company’s ExoSphere technology combines low earth orbit nanosatellites with ground-based sensor arrays, using ambient noise tomography and artificial intelligence to image geological features to depths of about 2.5km.

Fleet has to date completed about 400 surveys, and recently announced it would be developing 3D subsurface maps of Rio Tinto’s Rincon brine lithium deposit in Argentina, and has extended its work with IsoEnergy in Canada’s Athabasca Basin, where ExoSphere accurately identified drilling targets for uranium mineralisation.

The money raised values Fleet at $800m, with the company, which manufactures its satellites in Adelaide, now employing about 140 people.

Co-founder Flavia Tata Nardini said the vision for ExoSphere was to disrupt the minerals exploration process, and vastly reduce the time from discovery to mining, which she said stands at about 12 years.

Ms Tata Nardini said by using ExoSphere, mineral exploration companies could define targets more accurately, greatly cutting down on costly high-risk exploration drilling.

A subsurface image generated by Fleet Space Technologies' ExoSphere system.

With ExoSphere having minimal impact on the ground, there were also large benefits from a social licence and environmental point of view, she said.

And with many mineral deposits now under deep cover, ExoSphere’s ability to map structures at depth would be a game-changer.

Ms Tata Nardini said the exploration sector was not particularly tech-focused in ares such as artificial intelligence, with Fleet keen to work with explorers to bring a more sophisticated approach to minerals discovery.

The money raised would be used to expand the company’s satellite network and also hire staff in several areas, including those with exploration experience.

“The exploration experience is quite fragmented,’’ Ms Tata Nardini said.

“From the moment they look for a tenement, to maybe find something and maybe drill, then maybe sell (the asset).

“That gives big headaches for customers. We are using this money to do high-tech M&A. We really want to explore acquisitions that align with our vision, that allow us to integrate innovative solutions.’’

Ms Tata Nardini said the vision was to speed up the exploration and resource definition process as much as tenfold.

“If you believe, as we believe, that exploration is going to be changed by space - that gives you speed - and AI - that gives you knowledge, you can integrate all these amazing companies into one solution - that’s our vision

A graphic showing how Fleet Space satellites connect to sensors to visualise the subsurface.

“We also really want to attract top explorers, the people around the world who have found the best deposits.

“It’s also about conquering more countries around the world, more customers around the world connected to more satellites.’’

Fellow co-founder and chief exploration officer Matt Pearson said ExoSphere was the technical presursor to its lunar variant Spider, which was expected to be deployed to the Moon in 2026.

“The convergence of innovation in space, AI, and 3D subsurface imaging represents a foundational pillar of the core technology set that will enable humanity to build permanent research stations on the Moon, Mars, and beyond,” Mr Pearson said.

Fleet has to date launched eight satellites, with each having a three to five year lifespan. The company will be using the money to launch more satellites early next year with SpaceX, which it has used in the past.

The company currently has two satellites in orbit, with another two to be launched in January and another in April.

Ms Tata Nardini said the technology worked across the suite of minerals, but Fleet had a bias towards copper at the moment, given the strong need for more discoveries to feed the need for the mineral from the energy transition.

The Series D funding round was led by Teachers’ Venture Growth, the late-stage venture and growth investment arm of Ontario Teachers’ Pension Plan, and joined by existing investors Blackbird Ventures, Hostplus, Horizons Ventures, Artesian Venture Partners, and Alumni Ventures.

TVG senior managing director Rick Prostko said current mineral exploration methods are “inadequate for efficient discovery and production’’.

“Fleet Space addresses this with advanced 3D subsurface imaging and AI analysis tools, which have the potential to sustainably transform the industry.

“We are proud to support the multidisciplinary team at Fleet Space in their efforts to accelerate the global energy transition.”

Fleet raised $50m in May, 2023, valuing the company at $150m at the time.

Originally published as Fleet Space Technologies has raised $150m for minerals exploration goals