HEO Secures $25M to Expand Imaging Network to GEO
Australian space imaging startup HEO has raised $25 million in Series B funding to expand its sensor network into geostationary orbit, with plans to
HEO has closed a $25 million Series B funding round to expand its non-Earth imaging network into geostationary orbit. The Australian startup announced the funding on Monday.
Beaten Zone Venture Partners led the investment. It included participation from Australia’s National Reconstruction Fund Corporation, DCode Capital, and Wunala Capital. Existing investors Airtree and Salus Ventures also joined the round.
CEO Will Crowe told Payload that moving into GEO is strategically critical. "GEO is a kind of a weird orbit where governments will subsidize the crap out of capital-intensive solutions," Crowe said. He argued that a faster, commercial approach is needed to provide a more cost-effective service that customers can rely on.
The Sensor Network Strategy
HEO currently operates a network of more than 50 sensors in orbit. This network combines cameras from partner satellite constellations with HEO's own internally developed sensors, which fly as hosted payloads on other spacecraft.
The company has already integrated sensors from Planet and BlackSky into its system. Crowe stated that HEO is actively looking to grow these partnerships further, expressing a desire to onboard Vantor. In January, HEO also purchased an in-orbit satellite from Satellogic and is considering similar acquisitions in the future to boost its capabilities.
The new capital will fund further growth through additional sensor deployments and new partnerships with satellite operators. With this expansion, HEO aims to monitor 90% of all objects in space, according to Crowe.
Launch Plans and GEO Service
HEO has booked two launches to establish its initial sensor presence in GEO. The first launch is scheduled before the end of this year. The company targets the start of a "reliable and repeatable" GEO imaging service in 2027.
These first two GEO sensors are just the beginning of a larger campaign. Crowe emphasized a philosophy of scale, stating, Whoever has the most sensors in this game wins. He projected a future need for more than 1,000 cameras in various orbits to comprehensively address space domain awareness, a goal he hopes to achieve within a decade.
Recent Growth and Contracts
The Series B funding follows a period of significant growth for HEO. Since its $8 million Series A round in 2023, the company has tripled its annual revenue. This growth is partly attributed to several major government contracts.
| Contract Date | Client | Program/Project |
|---|---|---|
| February 2025 | US National Reconnaissance Office (NRO) | Strategic Commercial Enhancements CSO program |
| July 2025 | Australian Department of Defence | New sovereign LEO constellation led by Optus |
The company is also engaged in work with the UK Space Agency and Japan’s Ministry of Defense. These contracts show the growing demand from governments for commercial space situational awareness services.
HEO's expansion into GEO represents a strategic move into an orbit crowded with valuable commercial and government assets. The company is betting that its sensor network approach will provide a cheaper, faster alternative to traditional government-funded systems. The first launch of its GEO hardware is now on the calendar for the coming months.
