Fleet Space team. Photo: Fleet Space

Fleet Space Technologies has completed a successful Series C funding round, raising a further $50 million Australian dollars ($33.14 million), the company announced May 24. The new funding has been led by Australasian venture capital firm and existing investor Blackbird. Grok Ventures, Alumni Ventures and Hostplus have also participated in the round. New investors including TelstraSuper joined, including strategic investments from Bondi Partners/The 1941 Fund and Pavilion Capital.

This latest funding round comes as a result of Fleet Space commercializing its ExoSphere satellite-based mineral exploration technology worldwide. ExoSphere is currently in operation with more than 30 clients globally, including Rio Tinto, Barrick Gold Corporation, Core Lithium and Gold Fields with well over 100 surveys for mineral exploration projects either completed or in progress. Many of these minerals play a pivotal role in the energy transition necessary to achieve global net-zero targets.

Fleet Space said that significant growth in its customer base and revenues caused the company to more than double its valuation since raising its Series B round in 2021, now surpassing A$350 million ($229 million).

“Fleet Space Technologies has made stunning progress over the past year, with a game-changing product loved by customers. The company’s strong traction and sales during this time build on the team’s technical leaps forward, and Flavia’s magical ability to bring people together and make things happen. We are honored to have invested in Fleet from its earliest days, and with this fundraise deepen our conviction in the company’s future,” Niki Scevak, co-founder and partner of Blackbird Ventures said in a statement.