Fleet Space raises $100M to scale satellite-enabled mineral exploration technology

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

The Adelaide, Australia-based startup has raised new funding to accelerate the development of ExoSphere, a platform to enable 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 information and focus the machine on the testers.

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

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