Fleet Space raises $100 million to expand satellite mineral exploration technology

Recent deals in the space have slowed this year, but there is one notable exception Fleet Space Technologies$100 million Series D.

The Adelaide, Australia-based startup has raised new funding to accelerate development of ExoSphere, a platform for enabling real-time mineral exploration from space. The company currently has two satellites in low Earth orbit that connect to ground sensors; using artificial intelligence, sensors and satellite data can generate predictive insights and drill targets for prospectors.

The Navy is also sending a payload to the moon in 2026 on Firefly Aerospace’s lunar lander. That sensor will capture seismic data from the lunar surface, helping researchers better understand the Moon’s subsurface and its mineral properties.

The new round, which values ​​the company at $525 million, was led by Teachers Enterprise Development (TVG), the investment arm of the Ontario Teachers’ Pension Plan, and existing investors include Blackbird Ventures, Hostplus, Horizons Ventures, Artesian Venture Partners, and Alumni Ventures. After its Series C last year, the company more than doubled its valuation.