Taking Aussie space innovation to another level.
A new $10 million Australian Government-backed investment in HEO has helped unlock a $37 million capital raise, strengthening Australia’s ability to see and understand what is happening in orbit.
The investment marks another significant vote of confidence in Australian space companies. It also takes investment in the sector by the Australian Government-established National Reconstruction Fund Corporation to more than $200 million.
HEO designs and manufactures satellite-mounted cameras and software that can photograph and gather intelligence from space objects, including satellites and debris.
The Sydney based-company specialises in capturing images of passing satellites in orbit using its network of third-party and HEO-manufactured cameras mounted on satellites – providing greater awareness of increasingly important space infrastructure.
The funding will enable HEO to expand its Non-Earth Imaging coverage into geostationary Earth orbit (GEO), where satellites operate about 36,000 kilometres above Earth.
It will also enable the company to expand its analytics product, build its go-to-market team, and deliver its first software product for commercial satellite constellation operators.
“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.
“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.”
~ Dr William Crowe, CEO and Co-Founder of HEO
HEO has access to more than 50 cameras in space and operates across Australia, France, Japan, the United Kingdom and the United States.
Its customers include the Australian Department of Defence, the Japanese Government and the United States National Reconnaissance Office.
Strengthening orbital technology
The Aussie space company has booked its first two launches to GEO later this year and aims to establish reliable, repeatable imaging coverage in 2027.
NRFC's $10 million investment is part of HEO’s $37 million Series B capital raise, led by defence technology venture capital firm Beaten Zone Venture Partners. The new investment will also support:
- new sensors
- stronger partnerships with satellite operators
- further development of the software and artificial intelligence models that turn orbital images into actionable intelligence.
At the back of the capital raise, the company has also secured a five-year contract worth more than $140 million.
HEO’s growth builds on prior support from the Australian Space Agency, which has helped the company develop and demonstrate its Australian-made space technologies.
Backing Aussie expertise
The NRFC’s investment commercialises Australian research that was initially developed at the University of New South Wales.
David Gall, CEO, National Reconstruction Fund Corporation said that 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.
“By supporting innovative companies like HEO, the NRFC is diversifying Australia’s economy by building a domestic space industry, with an ecosystem of companies, strong supply chain advantages, and a pool of skilled workers.”
~ David Gall, CEO, National Reconstruction Fund Corporation
Harnessing Australian space capabilities
Since December 2024, the NRFC has now participated in seven space sector capital raises.
Together, more than $200 million in NRFC investment has helped the total capital raises to be worth over $600 million.
Following the Statement on Space announced in July, this is an important milestone for the sector as we collectively work to advance Australia’s strategic and commercial space ambitions.
The growing pipeline of investment signals strong public and private confidence in Australian space capability.
It also gives local companies greater capacity to scale, secure international customers and create advanced jobs, while positioning Australia as a trusted partner in space.
Over $200 million NRFC space investments
Since December 2024
Over $200 million NRFC space investments
Industry showcase
Australian space innovations making an impact.
Main image caption: Images from HEO's recent rendezvous & proximity operations mission using their Continuum-1 satellite.
Credit: HEO
