Australian space intelligence startup HEO has raised $25 million in Series B funding to expand its satellite imaging network into geostationary orbit (GEO).
The funding round was led by Beaten Zone Venture Partners, with participation from Australia’s National Reconstruction Fund, Dcode Capital and existing investors Airtree and Salus Ventures.
HEO uses cameras and sensors on satellites to capture images of other spacecraft and objects in orbit. The company combines this imagery with AI-powered software to provide information about the condition, activity and identity of objects in space.
“Some of the world’s most critical infrastructure is operating tens of thousands of kilometres above Earth, but our ability to see and understand what is happening to it remains limited,” said Dr William Crowe, CEO and Co-Founder of HEO. “This funding allows us to extend our network into GEO and bring us closer to a future where governments and satellite operators can inspect any object in space when they need to.”
HEO currently has access to more than 50 sensors in orbit and operates what it describes as the world’s largest commercial Non-Earth Imaging network.
The new funding will help HEO expand beyond low-Earth orbit and into geostationary orbit, where many important telecommunications, weather and national-security satellites operate.
HEO has already booked its first two GEO launches, with the first expected to begin later this year. The company plans to establish regular GEO imaging coverage in 2027.
Steve Baxter, founder & lead investor, Beaten Zone Venture Partners, said: “HEO has created a new data type for space domain awareness, at a time when the number of space objects is growing exponentially. Expanding to GEO makes them the first mover in a validated government demand market and will unlock further capabilities for their expanding customer base. We believe they are on track to become one of Australia’s most important defence industry unicorns.”
NRFC CEO David Gall said, “Space is an increasingly contested and complex environment of great strategic importance to Australia’s national security. The NRFC’s investment will enable HEO to monitor 90 per cent of space objects of interest to Australian and allied defence and intelligence agencies, shoring up a critical sovereign defence capability for the nation.”
The funding will also support new sensor deployments, partnerships with satellite operators and further development of HEO’s software and AI systems.
Since raising $8 million in Series A funding in 2023, HEO says it has designed, built and deployed eight sensors in orbit and tripled its revenue year over year.
The company provides space intelligence services to government and commercial customers and operates across Australia, France, Japan, the United Kingdom and the United States.
HEO aims to build a space intelligence network that can provide on-demand imagery and analysis of satellites, debris and other objects across different orbits.
