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FOR IMMEDIATE RELEASE
HEO Unveils Groundbreaking Advancements to Non-Earth Imaging at T-Minus Event, Secures $12 Million AUD Funding Led by Airtree Ventures
Sydney, Australia — August 23, 2023 — HEO, formerly known as HEO Robotics, is thrilled to announce the successful completion of its Series A funding round, securing $12 million AUD in investment. The round was led by Airtree Ventures, a leading Australian venture capital firm known for its strategic investments in high-growth technology companies. Additional and returning investors include Salus VC, Y Combinator, In-Q-Tel, David Harding and Steve Baxter.
The announcement was made during HEO's flagship product event, T-Minus, where the company showcased remarkable advancements in the realm of non-Earth imaging and analytics. HEO unveiled updates to its cutting-edge software platform, HEO Inspect, which revolutionises the way we perceive and interact with space objects. Responding to the needs of their customers, HEO Inspect’s updates offer unparalleled capabilities, including higher resolution imaging of space objects, faster data acquisition, extended coverage of spacecraft, and an array of enhanced features including attitude estimation and pattern of life analysis to better monitor spacecraft orbiting our planet.
CEO and Co-founder of HEO, Dr. Will Crowe, expresses his excitement, saying, "Today marks a significant milestone for HEO. Our mission has always been to make space activities easier for our customers by leveraging technology, and with the support of Airtree Ventures, we are well-equipped to push the boundaries of what's possible in non-Earth imaging and space utilisation."
The T-Minus event also marked the official rebranding of the company from HEO Robotics to "HEO." This name change reflects the company's evolving focus and the broader scope of its innovative solutions, encompassing a wide range of space-related technologies.
Enrico Palermo, Head of the Australian Space Agency, says, "The Australian Space Agency is proud to be collaborating with HEO. Their revolutionary satellite inspection technology is enhancing our understanding of space debris, satellite movements, and potential threats. Harnessing this sovereign capability bolsters our strategic stance on the global stage and empowers Australia to make smarter choices for the management of space activities, contributing to a safer and more sustainable future for both space operations and life on Earth."
The funding round will enable HEO to further advance the development of HEO Inspect and expand its capabilities and accelerate their path to monitor assets in geosynchronous orbit, solidifying its position as a trailblazer in the field of non-Earth imaging, also known as satellite-to-satellite imaging.
James Cameron, Partner at AirTree Ventures says, “HEO is a bit of a rarity in the space sector in Australia–not only are they the first company globally to have built these space-imagery capabilities, they've also quickly unlocked material revenue streams and grown in a capital-efficient way that many other space technology businesses cannot. It's early days for Will, Hiranya and the HEO team, but they've got the right mix of deep technical expertise, ambition and adaptability to pioneer non-Earth imaging that will unlock our understanding of objects in the space environment.”
About HEO:
HEO, formerly HEO Robotics, is a space technology company specialising in enabling non-Earth imaging and delivering analytics. With its innovative software platform, HEO Inspect, the company is dedicated to advancing our understanding of space objects through high resolution imaging, fast data acquisition, and extended coverage of objects of interest. HEO's mission is to make space activities transparent and empower global space players with invaluable insights into space activities.
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