A Melbourne startup following in the footsteps of Adelaide’s Fleet Space has raised $5 million in Seed funding to launch more satellites scanning earth for critical minerals.
The raise for Esper was led by Darwin innovation investor Paspalis Capital and Islamic finance firm Hejaz.
The capital injection will underpin the launch of the company’s fourth satellite in 2025, with another four scheduled to orbit Earth in 2026.
Just as Fleet Space has pioneered the hunt for mineral deposits with its own satellite network, Esper has built its hyper-spectral satellites to scan the Earth for potential mineral deposits, including lithium and rare earths, for clients such as mining and energy companies as well as defence, with a strong US client base.Â
Former Monash University students Shoaib Iqbal and Przemyslaw Lorenczak founded Esper in 2021 and previously raised a $1.5 million (US$1m) pre-Seed round in 2023 backed by US VCs Stellar Ventures, Dolby Family Ventures and Day One Ventures.
Its cap table also includes Investible and Techstars.
“Today’s investment accelerates our vision of building a satellite constellation that will help secure the critical minerals needed for global electrification,” Iqbal said in a LinkedIn post.
“Our EarthTones platform will integrate directly with existing exploration software, making space-based insights immediately actionable for mining companies. We’re particularly excited about the potential in Australia’s Northern Territory, which sits on significant deposits of critical minerals waiting to be discovered.”
The company has opened an office in Darwin as part of the investment.
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