A cutting-edge hyperspectral satellite solution aimed at sustainable mining and energy has secured Esper the top spot at Croc Pitch 2024, winning a $1 million venture capital investment from the Paspalis Innovation Investment Fund (PIIF).* (*subject to due diligence). Esper’s advanced hyperspectral satellite technology is set to revolutionise resource management and environmental monitoring, particularly in the energy and mining sectors.
Esper’s technology uses satellites equipped with hyperspectral sensors to capture hundreds of wavelengths of light, beyond the capabilities of the human eye. This allows customers to gather detailed chemical data about Earth’s landmasses and atmosphere, enabling the tracking of carbon emissions, carbon sequestration, deforestation, and promoting sustainable mining and agricultural practices. The company is planning to launch a constellation of 18 sensors into orbit.
In addition to its Croc Pitch success, Esper is leveraging the Northern Territory Geological Survey’s Resourcing the Territory program to unlock new mineral prospects, supporting the NT’s 2040 mining goals. Esper also aligns with the Northern Territory’s Gas Plan for 2030, playing a key role in emissions monitoring.
Shoaib Iqbal, CEO and Founder of Esper, was recently recognised on the Forbes 30 Under 30 Asia list in 2022 and the Australian list for his groundbreaking work. Esper’s maiden earth observation mission, ‘Over The Rainbow’, has already launched two imagers in March 2024, with a third scheduled for January 2025. These missions will map forest, agricultural, and coastal land, contributing to sustainable resource management in Northern Australia and beyond.
This year, Croc Pitch attracted 36 applicants, all of whom participated in a “Croc Camp” mentoring program. From this group, nine finalists were selected to pitch their groundbreaking ideas on the day.
In addition to Esper’s success, several runner-ups were also recognised:
- XM2 Earth – Tethered heavy-lift drone systems for disaster recovery, telecom, mining, and defence, entering due diligence with PIIF for potential future investment.
- Connecting Dots – A digital platform enabling seamless communication and collaboration across sectors, securing a place in Stage 2 of the Northern Territory Government’s Business Innovation Program, valued at $30,000.
- Sol Intelligent Classroom Solutions – An AI-driven educational assistant supporting trauma-informed and neurodiverse teaching strategies in NT schools, awarded a Start NT Scholarship worth $15,000.
FINALISTS:
- AusNorth Trading – Exporting sustainably harvested mud crabs from remote NT communities to premium restaurants in South-East Asia
- Haneki – On-demand staffing platform to quickly fill last-minute shifts in sectors like hospitality and retail
- Rockt Group – A mobile app for matching seasonal workers with job opportunities in regional areas, focusing on safety
- Flomatrix – Reducing IV cannula failure with an innovative tip that reduces clotting and inflammation
- Meta Academy – AI-powered educational platform focusing on Indigenous and neurodiverse students
Now in its sixth year, Croc Pitch has cemented itself as Northern Australia’s premier pitching competition for start-ups. Hosted by the Darwin Innovation Hub (DIH), the event showcases innovations that benefit Australia’s North. Paspalis Investment Manager Alex Farrugia served on the expert panel alongside Professor Steve Rogers (Charles Darwin University) and Will Hurst (Local Job Fund).
“Esper’s technology is a major breakthrough for industries dependent on accurate data,” said Paspalis CEO Harley Paroulakis. “We’re excited to see how this investment will propel innovation and sustainability in mining and energy exploration.”
Esper’s upcoming missions and its commitment to sustainable practices make it a key player in driving both economic and environmental progress in Northern Australia. Croc Pitch continues to be a vital platform for emerging businesses in the region, fostering long-term economic and social impact.
The Darwin Innovation Hub has facilitated investments exceeding $6 million into businesses competing in Croc Pitch through the Paspalis Innovation Investment Fund (PIIF). The competition attracts entrepreneurs, start-ups, SMEs, and investors from around the world.
(All investments are subject to due diligence)
