Australian spacetech startup Esper has raised $5 million in seed funding to expand its hyperspectral imaging satellite network, enhancing its ability to detect critical minerals like lithium and rare earths from orbit. The round was led by Paspalis Capital and Hejaz.

Revolutionizing Mineral Detection

Founded by Monash University graduates Shoaib Iqbal and Przemyslaw Lorenczak, Esper’s satellites use hyperspectral imaging to capture hundreds of spectral bands, identifying minerals based on their unique signatures. This allows mining companies to pinpoint deposits with greater accuracy.

The funding will support the launch of five additional satellites, with the fourth set for later this year and four more in 2026.

Expanding in Northern Australia

Esper has opened a Darwin office to position itself closer to Australia’s critical mineral reserves. “The Northern Territory is a huge opportunity that’s often overlooked,” said Iqbal. The company is hiring locally to grow its 12-person team.

Global Expansion and Ethical Mining

Following a $1M pre-seed round in 2024, Esper continues to expand internationally, targeting Asia-Pacific, Chile, and Canada. The technology also enhances transparency in mining, allowing governments and watchdogs to monitor environmental impact and regulatory compliance.

With its cutting-edge imaging and growing global presence, Esper is shaping the future of space-powered resource exploration.