Fleet Space Technologies Revenue, Valuation, Funding & Investors

Fleet Space Technologies is valued at $525M as of December 2024.

Last Fleet Space Technologies valuation

$525M

Series D · Dec 2024

Last Fleet Space Technologies funding round

$100M

Series D · Dec 2024

Fleet Space Technologies revenue

$25M

Series C · May 2023

Key investors in Fleet Space Technologies

  • Blackbird Ventures
  • Alumni Ventures
  • Horizons Ventures
  • Hostplus
  • Artesian VC
  • Grok Ventures

Fleet Space Technologies Overview

About Fleet Space Technologies

Fleet Space Technologies is an Adelaide-based Australian company deploying a constellation of micro-satellites for mineral exploration. Its Centaur satellite platform delivers hyperspectral imaging and AI-processed data for subsurface mapping of critical minerals like lithium and copper. The firm launched its first satellites in 2021 via SpaceX rockets, achieving global coverage with 10-kilometer resolution scans. Fleet Space Technologies partners with mining giants such as Rio Tinto and BHP to accelerate greenfield discoveries.


Founded

2015

HQ

AustraliaAdelaide

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Revenue

$25M (May 2023)

Valuation

$525M (Dec 2024)

Fleet Space Technologies Valuation

Fleet Space Technologies is currently valued at $525M, based on its Series D in December 2024.

The $100M round was led by Alumni Ventures and Teachers’ Venture Growth, with participation from Blackbird Ventures, Horizons Ventures, Hostplus and Artesian VC.

Fleet Space Technologies' valuation has grown 4.2x from $126M at its Series B in November 2021 to $525M in December 2024, across 3 priced rounds.

Fleet Space Technologies valuation by funding round

Revenue multiple
Fleet Space Technologies valuation by funding round
DateStageValuationRevenue Multiple
Dec 2024Series D$525M-
May 2023Series C$249M10.0x
Nov 2021Series B$126M7.0x

Fleet Space Technologies Revenue

Fleet Space Technologies' latest recorded revenue is $25M, as of its Series C in May 2023. At a $249M valuation, that implies a 10.0x revenue multiple.

Revenue grew from $18M in November 2021 to $25M in May 2023, while the revenue multiple moved from 7.0x to 10.0x.

Fleet Space Technologies revenue by funding round

Fleet Space Technologies revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
May 2023$25M$249M10.0xSeries C
Nov 2021$18M$126M7.0xSeries B

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Fleet Space Technologies Funding History

Fleet Space Technologies has raised a total of $169M across 5 funding rounds.

Fleet Space Technologies' first fundraising round was a $4M Series A in April 2017. The most recent completed round was a $100M Series D in December 2024.

Fleet Space Technologies funding rounds

Fleet Space Technologies funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Dec 2024Series DAlumni Ventures (lead); Teachers’ Venture Growth (lead); Blackbird Ventures; Horizons Ventures; Hostplus; Artesian VC$100M$525MFleet Space Technologies, an Australian space exploration company founded by Flavia Tata Nardini and Matt Pearson, develops ExoSphere, an end-to-end platform integrating low-Earth orbit satellites, smart seismic sensors, and AI to accelerate mineral discovery for the global mining industry, minimizing environmental impact and supporting the energy transition to critical minerals like those needed for decarbonization. The company, based in Adelaide, South Australia, has expanded operations to the U.S., Canada, Chile, and Luxembourg, employing over 130 people, and previously raised AU$50 million in Series C last year, more than doubling its valuation in this latest round. On December 11, 2024, Fleet Space closed a USD$100 million (A$150 million) Series D funding round at a USD$525 million (A$800 million+) post-money valuation, led by Teachers’ Venture Growth (TVG), the late-stage venture arm of Ontario Teachers’ Pension Plan, with participation from existing investors Alumni Ventures, Artesian VC, Blackbird Ventures, Horizons Ventures, and Hostplus. The funding aims to scale ExoSphere's capabilities, expand globally, deploy more equipment, and accelerate real-time exploration technologies that reportedly speed up early-phase mineral exploration by 10 to 30 times, attracting interest from tier-one mining companies. This Series D marks a rare late-stage space deal amid reduced venture activity, highlighting strong investor confidence in Fleet's execution and mission to combine space, AI, and big data for clean energy futures. Fleet has raised over $165 million since 2015 inception and plans further innovations, including a seismic payload on Firefly Aerospace’s 2026 lunar lander to analyze lunar subsurface minerals. The round underscores growing demand for efficient, low-impact solutions in critical mineral prospecting amid macroeconomic challenges.
May 2023Series CBlackbird Ventures (lead); Telstra Super; OneVentures; Pavilion Capital Partners; Alumni Ventures; Hostplus; The 1941 Fund; Grok Ventures$33M$249MFleet Space Technologies, an Australian space exploration company founded by Flavia Tata Nardini and Matt Pearson, develops ExoSphere, an end-to-end mineral exploration platform integrating low-Earth orbit satellites, smart seismic sensors, and AI for real-time 3D subsurface imaging to accelerate critical mineral discovery with minimal environmental impact. The company serves over 30-40 global clients including Rio Tinto, Barrick Gold, Core Lithium, and Gold Fields, with more than 100 surveys completed or in progress across five continents, targeting minerals essential for the energy transition. On May 24, 2023, Fleet Space closed a heavily oversubscribed Series C funding round raising A$50 million (approximately USD$33 million), led by Blackbird Ventures with participation from Grok Ventures, Alumni Ventures, Hostplus, Telstra Super, The 1941 Fund via Bondi Partners, and Pavilion Capital Partners. This round more than doubled the company's valuation from its 2021 Series B, surpassing A$350 million post-money. The funding validates strong customer traction, sales growth, and technical advancements in commercializing ExoSphere worldwide. Blackbird Ventures' co-founder Niki Scevak highlighted Fleet's stunning progress, game-changing product, and ability to drive customer adoption. The raise supports globalization of ExoSphere amid growing demand in the mining industry for faster, greener exploration solutions. Subsequent rounds include a Series D in late 2024 raising USD$100 million (or A$150 million) at a USD$525 million (or A$800 million+) valuation, led by Teachers' Venture Growth, with continued participation from Blackbird, Hostplus, and Alumni Ventures to further scale the platform.
Nov 2021Series BArtesian VC (lead); Blackbird Ventures (lead); Grok Ventures (lead); Horizons Ventures (lead); Pario Ventures; Alumni Ventures; Hostplus; South Australian Venture Capital Fund; IQT$26M$126MFleet Space Technologies secured $26.4M USD in Series B funding on approximately November 16, 2021, achieving a company valuation of $126 million USD. The round was led by Artesian Venture Partners, Blackbird Ventures, Grok, and Horizons Ventures, with participation from new investors including Alumni Ventures, Hostplus, the South Australian Venture Capital Fund (SAVC), and In-Q-Tel, alongside reinvestments from existing backers. This funding supports the scaling of their advanced nanosatellite technology for global Internet of Things (IoT) connectivity, aiming to provide planet-wide coverage for millions of industrial devices to enhance efficiencies, reduce costs, and lower carbon emissions. Fleet Space Technologies specializes in nanosatellite solutions for IoT, with proven technology highlighted by investor confidence post their Series A in September 2019. CEO Flavia Tata Nardini emphasized the investment as validation of their commercial model and readiness to expand operations. Alumni Ventures' Jonathan Meltzer noted the company's success in unlocking IoT potential through proprietary nanosatellites, particularly for remote critical infrastructure.
Sep 2019Series AHorizons Ventures (lead); Momenta (lead); GrainInnovate$7M-Fleet Space Technologies raised $7.35 million in Series A funding in September 2019, led by Momenta Ventures and Horizons Ventures. The round added to a previous $5 million AUD ($3.4 million USD) investment from Blackbird Ventures and Grok Ventures. Founded by Flavia Tata Nardini, a former propulsion engineer at the European Space Agency, and aerospace entrepreneur Matt Pearson, Fleet Space develops nano-satellites roughly the size of shoe boxes to deliver Internet of Things connectivity globally. The company had already launched four nanosatellites via ISRO, Rocket Lab, and SpaceX, with more than three million compatible devices registered to join their network. Fleet Space's satellites serve use cases including tracking construction equipment assets and monitoring pipelines and utility infrastructure, particularly in agriculture, forestry, and mining where ground-based coverage is limited.
Apr 2017Series ABlackbird Ventures (lead); Horizon Partners; Lydia Graham; Michael Cannon-Brookes; Earth Space Robotics$4M-Fleet Space Technologies raised an early funding round on 4/11/2017 with Blackbird Ventures as an investor. This appears to be the company's first funding, preceding later rounds including Series B in 2019, Series B-II in 2021, Series C in 2023, and Series D in 2024. Blackbird Ventures participated in multiple rounds up to Series D.

Who has invested in Fleet Space Technologies?

20 investors have backed Fleet Space Technologies across its funding rounds, including Blackbird Ventures, Alumni Ventures, Horizons Ventures, Hostplus, Artesian VC and Grok Ventures.

Lead investors include Alumni Ventures, Teachers’ Venture Growth, Blackbird Ventures, Artesian VC, Grok Ventures and 2 other investors.


Fleet Space Technologies Investors

Investors in Fleet Space Technologies by funding rounds participated
InvestorHQRoundsRoleFirst check
Blackbird VenturesAustraliaSydney4LeadApr 2017
Alumni VenturesUnited StatesUnited States3LeadNov 2021
Horizons VenturesHong KongHong Kong3LeadSep 2019
HostplusAustraliaMelbourne3ParticipantNov 2021
Artesian VCAustraliaMelbourne2LeadNov 2021
Grok VenturesAustraliaSydney2LeadNov 2021
Horizon PartnersUnited StatesSan Francisco, CA1ParticipantApr 2017
Telstra SuperAustraliaMelbourne1ParticipantMay 2023
GrainInnovateAustraliaSydney1ParticipantSep 2019
OneVenturesAustraliaSydney1ParticipantMay 2023
Lydia Graham--1ParticipantApr 2017
Michael Cannon-BrookesAustraliaSydney1ParticipantApr 2017
Pavilion Capital PartnersUnited StatesNew York City, NY1ParticipantMay 2023

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Acquisitions by Fleet Space Technologies

Fleet Space Technologies has acquired 1 company to date.

Last acquisition by Fleet Space Technologies was on March 5th 2025. Fleet Space Technologies acquired HiSeis for undisclosed valuation.


Latest Acquisitions by Fleet Space Technologies

HiSeis
Description
HiSeis is a Perth-headquartered seismic services provider specializing in high-resolution reflection surveys using nodal acquisition systems for mining, oil and gas, and geothermal exploration in Australia. The company deploys 20,000+ channels of equipment for 3D imaging to depths of 5 kilometers.
HQ CountryAustralia
HQ City
Perth
Deal Date5 Mar 2025
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Fleet Space Technologies Competitors

Fleet Space Technologies competitors include listed companies like Intellian Technologies, Spire Global and QPS Holdings, and private ones like Sceye, D-Orbit and Mino Space.

Public and private companies comparable to Fleet Space Technologies
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Intellian TechnologiesSouth KoreaSouth KoreaPublicly listed$233M$26M$516M2.3x
SceyeUnited StatesAlbuquerque, NMPrivate--$540M-
D-OrbitItalyMilanPrivate--$500M-
Spire GlobalUnited StatesUnited StatesPublicly listed$72M($40M)$475M5.1x
Mino SpaceChinaBeijingPrivate--$589M-
QPS HoldingsJapanJapanPublicly listed$24M$20M$608M28.2x

Fleet Space Technologies Public Comps

Fleet Space Technologies is still privately-owned, but its public comps include Mennica Polska, WA1 Resources, Black Cat Syndicate, NioCorp, Ausgold, Intellian Technologies, Wia Gold, Aeris Resources, Tharisa and Blue Moon Metals.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Mennica Polska$483M$149M1.6x-5.0x-
WA1 Resources-($8M)--(54.3x)(54.7x)
Black Cat Syndicate$266M$130M1.8x1.6x3.7x3.3x
NioCorp-($18M)--(6.2x)(4.3x)
Ausgold$2M($8M)252.3x323.1x(56.1x)(49.5x)
Intellian Technologies$233M$26M2.7x2.3x23.8x14.8x
Wia Gold$285K($5M)1803.1x2309.2x(105.9x)(103.4x)
Aeris Resources$411M$69M0.9x0.8x5.7x1.8x

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Common questions about Fleet Space Technologies

When was Fleet Space Technologies founded?Fleet Space Technologies was founded in 2015.
Where is Fleet Space Technologies headquartered?Fleet Space Technologies is headquartered in Adelaide, Australia.
Is Fleet Space Technologies publicly listed?No, Fleet Space Technologies is a private, VC-backed company.
What is Fleet Space Technologies' valuation?Fleet Space Technologies was last valued at $525M in its Series D in December 2024.
How much funding has Fleet Space Technologies raised?Fleet Space Technologies has raised $169M across 5 funding rounds.
What was Fleet Space Technologies' last funding round?Fleet Space Technologies' last funding round was a $100M Series D in December 2024, led by Alumni Ventures and Teachers’ Venture Growth.
Who are Fleet Space Technologies' investors?Fleet Space Technologies' investors include Blackbird Ventures, Alumni Ventures, Horizons Ventures, Hostplus, Artesian VC, Grok Ventures, Horizon Partners, Telstra Super, GrainInnovate, OneVentures and 10 others.
What is Fleet Space Technologies' revenue?Fleet Space Technologies' latest recorded revenue is $25M (May 2023).
What is Fleet Space Technologies' revenue multiple?Fleet Space Technologies' latest valuation implies a 10.0x revenue multiple ($249M valuation on $25M of revenue).
Which companies are comparable to Fleet Space Technologies?Companies comparable to Fleet Space Technologies include Intellian Technologies, Sceye, D-Orbit, Spire Global, Mino Space and QPS Holdings.
How many companies has Fleet Space Technologies acquired?Fleet Space Technologies has acquired 1 company, including HiSeis.

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