HEO Space, a company founded by University of New South Wales researchers with an initial focus on asteroid mining, has shifted its operations towards developing space-based intelligence technologies aimed at countering threats from potential hostile nations. The Australian firm recently secured $37 million in funding to advance its capabilities, positioning the country to become a significant player in non-Earth imaging satellite technology.
The funding round attracted investments from the taxpayer-backed National Reconstruction Fund (NRF), which contributed $10 million, alongside space sector veterans, including alumni from SpaceX, angel investors, and venture capital firms such as Steve Baxter’s Beaten Zone Venture Partners and Airtree. HEO Space was established in 2016 by UNSW researchers Hiranya Jarakody and Will Crowe.
HEO’s technology differs from typical Earth-observing satellite cameras by focusing instead on monitoring other satellites and objects in space. Its sensors help track space debris, prevent orbital collisions, and support satellite maintenance, primarily serving allied government customers such as the Australian Department of Defence, the Japanese government, and the US National Reconnaissance Office. The firm has secured a seven-figure contract with the US agency.
The timing of the funding follows recent disclosures from the US Secretary of the Air Force, Troy Meink, who revealed that the United States has deployed weapons in space designed to defend against "possible adversary action." While specific details were not provided, potential systems include satellite jammers and kinetic weapons capable of targeting objects in orbit. This announcement has raised concerns from China about the potential escalation of an arms race in space.
Dr. Crowe noted that HEO Space’s capabilities fill a strategic niche for allied governments by offering “unique and critical asymmetric capability” through sensors and software deployed into geostationary orbit. He emphasized the benefits of Australia’s regulatory environment, which he described as more permissive than that of the US in certain areas, enabling innovations that might otherwise face restrictions.
HEO Space currently employs 36 staff members and plans to grow its Australian workforce to 85 by 2028, focusing on roles in advanced manufacturing, technology, and analytics. While the company declined to disclose its valuation, co-founder Dr. Jarakody expressed confidence that the taxpayer-backed investment will enable further development of sensor technology and expand its market reach into allied government and commercial sectors.
David Gall, chief executive of the National Reconstruction Fund Corporation, expressed optimism about the company’s prospects, highlighting HEO Space as a successful example of turning Australian research into a commercial and national advantage. He indicated that the NRF’s $5 billion fund, which supports a range of industries from food manufacturing to brain chip technology, views HEO as a promising investment capable of generating returns commensurate with its risks.
With its growing portfolio and international government partnerships, HEO Space aims to bolster Australia’s role in the emerging space economy, particularly in the increasingly contested domain of orbital intelligence and defense technologies.