Australian space imaging startup HEO raises A$37 million Series B for geostationary push

Sydney-based space imaging startup HEO has built a business around an unusual idea: putting cameras on satellites so they can photograph other satellites. The company, also known as HEO Space, designs and manufactures satellite-mounted cameras and software that take images of space objects including other satellites and debris. Axios reported on September 21 that HEO has raised US$25 million in Series B funding to expand its flyby imaging capabilities from low Earth orbit into geostationary orbit. The round is the latest sign that investors see growing demand for a more complete picture of what is happening in orbit, beyond what ground-based tracking can provide.

HEO's approach uses cameras and sensors attached to satellites to take flyby images of other satellites and spacecraft, a technique the company says provides a more complete picture than relying solely on Earth-based tracking. That matters because space companies and governments want to see objects in orbit, to better understand what is going on with their own spacecraft and satellites, or those of adversarial nations. Forbes Australia reported on September 21 that HEO makes cameras which are launched into space and used to inspect satellites and surveil the cosmos on behalf of allied nations. The company got its name from high earth orbit, where the founders initially thought they would mostly operate, but most of its network today is in low Earth orbit.

The funding round was led by Beaten Zone Venture Partners and included a A$10 million commitment from Australia's National Reconstruction Fund, according to Capital Brief, which reported on September 21 that HEO Space had raised A$37 million. The round also attracted investment from existing investors Airtree Ventures and Salus Ventures as well as Ten13, DCode Capital, Deepwater, Paspalis, UNSW and Dumm Capital. Angel investors including Vu Tran and SpaceX alumni also participated. That mix of defence-focused venture capital, sovereign funding and technology angels points to a company that sits at the intersection of commercial space services and national security.

HEO has already built a network of more than 50 cameras operating in space, some accessed through deals cut with satellite operators and others it has made itself. The company primarily sells to government customers including the Japanese Government, the Australian Department of Defence and the US National Reconnaissance Office. It also has a major five-year contract worth over US$100 million, co-founder William Crowe said, as well as another multi-year, seven-figure deal. SpaceNews reported on September 21 that HEO has raised US$25 million to extend its capabilities into geostationary orbit. The company's team of 36 working on product and technology will grow to 85 by 2028 thanks to the funding.

Key Facts

The Series B round: HEO raised A$37 million, about US$25 million, in a round led by Beaten Zone Venture Partners. Australia's National Reconstruction Fund committed A$10 million. Other participants included Airtree Ventures, Salus Ventures, Ten13, DCode Capital, Deepwater, Paspalis, UNSW, Dumm Capital and angel investors such as Vu Tran and SpaceX alumni. Capital Brief reported on September 21 that the raise included the A$10 million NRF commitment.

Contract and customer base: HEO's biggest customer has signed a contract worth more than US$100 million over five years. Crowe would not identify the customer but said HEO is about to enter year two of the five-year agreement and has so far realised about 5% of that value, with most of the cash to be generated when HEO starts operating in geostationary orbit. The company primarily sells to government customers including the Japanese Government, the Australian Department of Defence and the US National Reconnaissance Office.

Cameras and coverage: HEO has a network of more than 50 cameras which operate in space. Most of its network is in low Earth orbit, but the new funding will help move its satellite inspection cameras into geostationary orbit, where many of the most valuable and sensitive satellites live. The first two GEO launches are expected later this year. HEO says the expansion will allow it to monitor 90% of space objects of interest to Australian and allied defence and intelligence agencies, according to NRF Corporation CEO David Gall.

Headcount and product plans: The startup's team of 36 working on its product and technology will grow to 85 by 2028. Funds will also be used to further develop the analytics product, expand its go-to-market team and deliver a software product for commercial satellite constellation operators. The company designs and manufactures satellite-mounted cameras and software to take images of space objects including other satellites and debris.

Recent mission: HEO announced separately on September 14, 2026 that it had repurposed an Earth-observation satellite, HEO Continuum-1, in partnership with Satellogic, to conduct close-range inspection of a Chinese Long March 2C rocket body. That work produced more than 50 imaging missions comprising thousands of individual image frames. SpaceNews noted that the page lead image shows images taken by HEO Continuum-1 during the first rendezvous and proximity operations period from August 13 to August 16, 2026.

Analysis

The immediate read is that HEO is using a proven low Earth orbit business to fund a move into a much more difficult and valuable orbital regime. Geostationary orbit is where many weather and national security satellites operate. It is also where HEO's biggest customer is expected to generate most of the value of its five-year contract. The company has already realised only about 5% of that contract, which means the GEO expansion is not a side project. It is the commercial engine behind the raise.

What this really means is that HEO is trying to become an inspection layer for the space economy. Its cameras are not just taking pretty pictures. They are used to assess maintenance and repair needs of satellites and to surveil neighbourhoods of space for untoward activity by rival nations. Crowe compares the work to visual inspections done for buildings and aircraft. For commercial players, he said, it allows them to really understand what is wrong with their spacecraft, and a bunch of companies have come to HEO when something is wrong with their spacecraft. That is a service business with recurring demand as more satellites go up and more things go wrong.

The bigger picture here is that sovereign capability is becoming a central part of the space investment story. The National Reconstruction Fund, the federal government's A$15 billion fund to stimulate advanced manufacturing, has made several other investments in Australia's space tech sector, including Gilmour Space Technologies, Hypersonix Launch Systems and Southern Launch. NRF CEO David Gall said the fund thinks the application for both private and public markets is very significant and feels good about its entry price on behalf of the taxpayer given the growth opportunity. That is a clear signal that Australia sees space domain awareness as a domestic industrial priority, not just a procurement line item.

There are risks. HEO is still a small company with 36 people, and its largest customer accounts for a contract worth more than US$100 million, with only a fraction realised so far. Moving into geostationary orbit is technically demanding and capital intensive. The company has to build and launch more cameras, develop analytics software, and win commercial constellation operators as customers. The round gives it room to do that, but execution will determine whether the GEO bet pays off on the timeline investors expect.

Why It Matters

Geostationary orbit is home to many of humanity's most vital satellites. Weather monitoring, communications and national security missions all depend on spacecraft in that orbit. HEO has previously operated only in low Earth orbit. Extending its imaging network into GEO means allied governments and commercial operators will have more eyes on the satellites that matter most. As the number of commercial satellites zipping around Earth increases by the day, and as space becomes increasingly militarized, having more eyes in the sky could become increasingly vital.

For Australia, the NRF investment is about shoring up a critical sovereign defence capability. Crowe said the investment is a loud signal for HEO's allied government customers that Australia is supporting its industrial base to build unique and critical asymmetric capability. Gall said the NRFC's investment will enable HEO to monitor 90% of space objects of interest to Australian and allied defence and intelligence agencies. That is a measurable ambition, and it explains why the government is putting taxpayer money into a startup rather than leaving the job to foreign suppliers.

There is also a commercial logic. Satellite operators need to know if their spacecraft are healthy or damaged. HEO's cameras can assess maintenance and repair needs, which matters more as constellations grow and as spacecraft become harder to replace. Crowe said there is a lot of funny business going on in GEO, with Russian and Chinese satellites approaching allied machines, but we do not exactly know all of it because there is not enough cameras in that orbit. HEO wants to fill that gap.

Next Up

The first two GEO launches are expected later this year. HEO will also continue expanding its low Earth orbit presence and develop its analytics product, go-to-market team and software for commercial satellite constellation operators. Its team of 36 will grow to 85 by 2028. The company is about to enter year two of its five-year contract worth more than US$100 million, with most of the cash expected when GEO operations begin.

HEO's recent work with HEO Continuum-1 shows the kind of missions it wants to do more of. In partnership with Satellogic, the repurposed Earth-observation satellite conducted close-range inspection of a Chinese Long March 2C rocket body, producing more than 50 imaging missions and thousands of individual image frames. If the GEO expansion succeeds, that kind of detailed inspection could become a routine service for governments and commercial operators alike.