Fleet Space lands $150 million, valuation rockets to $800 million
Fleet Space Technologies has landed another mammoth funding round. This time it has raised $150 million, rocketing its valuation to $800 million.
Fleet Space Technologies has raised $150 million in a Series D funding round, bringing its valuation to over $800 million.
The round was led by Teachers’ Venture Growth alongside existing investors Blackbird Ventures, Hostplus, Horizons Ventures, Artesian Venture Partners, and Alumni Ventures.
This follows a $50 million Series C raise in 2023, which more than doubled the company’s valuation to $350 million. Prior to this, the company raised a $36 million Series B round in 2021.
Fleet Space was founded in 2015 by former propulsion engineer at the European Space Agency, Flavia Tata Nardini, and aerospace entrepreneur Matt Pearson.
The pair said they launched Fleet Space to harness the capabilities of space exploration technologies in order to accelerate decarbonisation and global energy transition
According to the company, the new funding will be used to expand the capabilities of Fleet Space’s ExoSphere platform. This integrates LEO satellites, smart seismic sensors, and AI to accelerate critical mineral discovery.
ExoSphere enables real-time 3D subsurface imaging, aimed at improving the efficiency and sustainability of mineral exploration processes.
“There are two versions of the future. One where we bend the latest advances in space, AI, and big data towards building a clean energy future and another where we risk net-zero targets falling out of reach as the rate of new discoveries of energy transition minerals continues to decline,” said CEO and co-founder Flavia Tata Nardini.
“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.”
Fleet Space has deployed ExoSphere for over 40 exploration companies globally, including projects with Rio Tinto and Barrick Gold. It has also expanded its operations to the US, Canada, Chile, and Luxembourg, supported by a team of over 130 employees.
“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,” Rick Prostko, senior managing director at Teachers’ Venture Growth, said about the investment into Fleet Space Technologies.
The Series D funding comes during a period of significant growth for Fleet Space as it continues to advance its technology for lunar exploration with its new SPIDER system, which is set to launch in 2026.
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