Australian space-imaging startup HEO Space has raised $37 million in a Series B round, including a $10 million commitment from the federal government's National Reconstruction Fund (NRF), according to Capital Brief. HEO designs and manufactures satellite-mounted cameras and software that image other space objects, including satellites and debris.
The round was led by Beaten Zone Venture Partners, with participation from existing investors Airtree Ventures and Salus Ventures, along with Ten13, DCode Capital, Deepwater, Paspalis, UNSW, Dumm Capital, and angel investors including Vu Tran and SpaceX alumni. HEO previously raised $8 million in a 2023 Series A. The new funding will expand the company's non-earth imaging coverage into geostationary orbit, where weather and national-security satellites operate, and grow its existing low-earth-orbit presence; the first two GEO launches are expected later this year.
HEO currently employs 36 people and aims to grow to 85 by 2028. The funds will also go toward developing its analytics product, expanding its go-to-market team, and building a software product for commercial satellite constellation operators. The company's customers include the Japanese government, the Australian Department of Defence, and the U.S. National Reconnaissance Office.
"This investment is a loud signal for our allied government customers that Australia is supporting its industrial base to build unique and critical asymmetric capability," HEO CEO William Crowe said. NRF Corporation CEO David Gall said the investment will let HEO "monitor 90% of space objects of interest to Australian and allied defence and intelligence agencies, shoring up a critical sovereign defence capability for the nation."