“We're changing how the world finds critical minerals”: Esper secures $5m in seed funding round

A Melbourne-based startup using hyperspectral satellite imagery to map global geology and vegetation has secured $5 million in a seed funding round led by Hejaz Financial Services and Paspalis Capital.

Founded in 2019 by university friends Shoaib Iqbal and Przemyslaw Lorenczak, Esper has satellites that detect unique light patterns of different minerals from space, helping mining companies find valuable deposits such as lithium, cobalt and rare earths.

Since its launch, the company has signed $31 million in US contracts across industries like mining, defence, environmental monitoring and energy infrastructure.

With three satellites already in operation, Esper will use the latest capital injection to launch its next one this year, with an additional four more planned to launch in 2026. The goal is to create a constellation of satellites that regularly monitor potential mining sites worldwide in near real-time.

"Finding new mineral deposits has been slow, expensive, and damaging to the environment - until now," Esper CEO and co-founder Shoaib Iqbal said. 

"Our satellites can survey vast areas and identify promising deposits before anyone sets foot on the ground. This breakthrough is crucial for securing the critical minerals we need to transition to clean energy successfully, and we're excited to further expand our satellite network with this capital."

According to industry analysis company BCC Research, the global market for hyperspectral imaging was valued at USD$277.7 million (AUD$440.9 million) in 2023. It is anticipated to grow from USD$301.4 million (AUD$478.5 million) in 2024 to USD$472.9 million (AUD$750.8 million) by 2029 at a compound annual growth rate (CAGR) of 9.4 per cent.

Esper is already providing industry leaders with its EarthTones platform, which offers customised monitoring and analysis through an API that integrates with existing exploration software. The startup will deliver mineral exploration data to customers in late 2025, with full constellation capabilities coming online throughout 2026.

"We're not just launching satellites, we're changing how the world finds critical minerals," Esper CTO and co-founder Lorenczak said. 

“Our platform will unlock the resources essential for the clean energy revolution, giving exploration teams instant, seamless access to the data they need to act faster, smarter, and more sustainably.”

To bolster growth, Esper has opened a second office in Darwin and is building a dedicated mining exploration team to unlock the Northern Territory's mineral potential.

"The Northern Territory holds some of the world's most valuable deposits of critical minerals, from rare earths to lithium and copper. Esper's technology can unlock these resources much faster and cheaper, positioning the Territory as a global powerhouse in the critical minerals supply chain," Paspalis Capital investment manager Alex Farrugia said.

"There's no better team to make this vision a reality than the experts at Esper - engineers, scientists, and industry leaders who are deeply committed to advancing mineral exploration for a sustainable future."