HEO, an Australian non-Earth-imaging startup, has closed a $25 million Series B funding round to expand its sensor network into geostationary orbit (GEO). The round was led by Beaten Zone Venture Partners, with participation from Australia’s National Reconstruction Fund Corporation (NRFC), DCode Capital, and Wunala Capital, alongside existing investors Airtree and Salus Ventures.

What Happened

The capital will be used to grow HEO’s existing network of more than 50 on-orbit sensors, which currently includes a mix of cameras from partner constellations and HEO’s internally developed sensors flying as hosted payloads. The company has already integrated sensors from Planet and BlackSky and is actively seeking to onboard Vantor. Additionally, HEO purchased an in-orbit satellite from Satellogic in January and is considering further in-orbit satellite purchases to boost coverage.

HEO has booked two launches to initiate its GEO sensor deployment, with the first launch expected before the end of this year. The company aims to provide "reliable and repeatable" GEO imaging services beginning in 2027. CEO Will Crowe stated the immediate goal is to monitor 90% of all space objects on-orbit, noting that the first two GEO sensors are just the start of a broader campaign.

Why It Matters

The funding round highlights the growing commercial interest in space situational awareness and the specific dynamics of the GEO market. "GEO is a kind of a weird orbit where governments will subsidize the crap out of capital-intensive solutions," Crowe told Payload. "So really critical that we get up there fast…We really want to give our customers confidence that they can rely on this—way more cost-effective—commercial solution."

This investment follows a period of significant growth for HEO, which has tripled its revenue year-over-year since raising its $8 million Series A in 2023. The company has secured major contracts, including a recent agreement with the National Reconnaissance Office (NRO) under the Strategic Commercial Enhancements CSO program in February. In July 2025, HEO was selected by the Australian Department of Defence to provide sensors for a sovereign LEO constellation led by Optus. The company is also collaborating with the UK Space Agency and Japan’s Ministry of Defense.

Crowe emphasized the competitive nature of the sector, stating, "Whoever has the most sensors in this game wins." He projected that solving the space object monitoring problem will require more than 1,000 cameras in various orbits within the next decade, a volume HEO has not yet reached.

The Bottom Line

HEO’s $25 million Series B positions the company to transition from LEO partnerships to direct GEO operations, aiming for service availability in 2027. With recent government contracts in the US, Australia, UK, and Japan, the startup is scaling its sensor network to meet increasing demand for commercial space situational awareness.