Fleet Space raises $100M to scale satellite-enabled mineral prospecting tech

Late-stage deals in space have been on the decline this year, but one notable exception is Fleet Space Technologies’ $100 million Series D. 

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

Fleet is also sending a payload to the moon onboard Firefly Aerospace’s lunar lander in 2026. That sensor will capture seismic data from the lunar surface that will help researchers better understand the subsurface of the moon and its mineral properties. 

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