Esper Satellites a cutting-edge hyperspectral satellite solution aimed at sustainable mining and energy has secured Esper the top spot at Croc Pitch 2024 with a $1 million venture capital commitment from the Paspalis Innovation Investment Fund (PIIF)* (*subject to due diligence). Their pitch focused on the critical role of accurate environmental intelligence in addressing today’s climate and industrial challenges.
“We’re so glad to be the winners of PASPALIS & Darwin Innovation Hub’s Croc Pitch. There’s so much opportunity in the state of the Northern Territory and Esper is excited to have local partners as a part of our journey”, said Shoaib Iqbal, CEO of Esper Satellites.
Esper’s Satellites do more than just take pictures from space—they use hyperspectral sensors to capture hundreds of wavelengths of light, beyond what the human eye can see. This advanced imaging can detect everything from methane leaks to valuable minerals like lithium and copper, helping industries make smarter, more sustainable choices. Customers can 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 technology is already making an impact in mineral-rich areas like Tennant Creek, where they’re mapping resources to support the NT’s green transition. 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. The company also aligns with the Northern Territory’s Gas Plan for 2030, playing a key role in emissions monitoring.
Shoaib Iqbal, recognised on the Forbes 30 Under 30 Asia list in 2022 and the Australian list, has led Esper to significant early success. The company’s maiden earth observation mission, “Over the Rainbow,” launched two imagers with SpaceX in March 2024, with a third scheduled for early 2025 in collaboration with India’s Dhruva Space and ISRO. The company plans to expand to a constellation of 18 sensors in orbit, with nine sensors targeted by 2027.
With a flexible, pay-as-you-go pricing model, Esper‘s solutions are accessible for industries across agriculture, climate, and energy. They’ve already secured $100 million in letters of intent and are raising $4 million in seed funding to ramp up their operations.
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Croc Pitch 2024 Success Stories
This year’s Croc Pitch attracted 36 applicants, all participating in a “Croc Camp” mentoring program. From this group, nine finalists were selected, with notable runners-up including:
- 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
“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.”
Now in its sixth year, Croc Pitch has cemented itself as Northern Australia’s premier pitching competition for start-ups. 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 continues to attract entrepreneurs, start-ups, SMEs, and investors from around the world.
(All investments are subject to due diligence)
