The NRFC is investing $10 million of equity in space technology company HEO.
HEO designs and manufactures satellite-mounted cameras and software that can photograph and gather intelligence from space objects, including satellites and debris – a field known as Non-Earth Imaging or NEI.
NRFC funding will enable HEO to expand its NEI coverage into Geostationary Earth Orbit and within Low Earth Orbit. 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.
About HEO
HEO specialises in capturing images of passing satellites in orbit using its network of third-party and HEO-manufactured cameras mounted on satellites. Its proprietary AI-enabled software platform directs the cameras and then stitches together multiple images to create a detailed composite picture showing the conditions and characteristics of a satellite.
HEO’s customers can buy pre-existing images of satellites from the company’s Inspect platform, book custom satellite inspections, contract HEO to analyse NEI, or purchase its Australian-made cameras to be mounted on customers’ own satellites.
HEO’s customers are primarily government agencies, including the Australian, Japanese, and U.S. government agencies. It also monitors commercial satellites for repair and recovery for non-defence customers including Astroscale and BULL Co.
Investment impact
National security
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.
Commercialising Australian innovation
HEO’s world-leading technology was spun out of research carried out by founders Dr. Hiranya Jarakody and Dr. Will Crowe at the University of New South Wales (UNSW) and the company now brings a range of Australian NEI products to the global market.
Creating jobs
HEO currently employs 36 people in Australia and, as part of its expansion, expects to grow its local workforce to 85 skilled technological and advanced manufacturing roles by 2028.