News

Sydney-based satellite monitoring startup HEO Robotics has recently raised million in a Series A funding round, marking its first fundraising effort in two years. The round was led by AirTree Ventures, a prominent venture capital firm in Sydney, with the support of Salus Ventures, a new million early-stage fund dedicated to investing in cutting-edge technology for commercial and government markets.

HEO Robotics, which is part of the UNSW Founders Program since 2017, previously secured a seed funding round in 2021, which was led by David Harding, founder and CEO of Winton Group, and the well-known startup accelerator Y Combinator. However, the exact funding amount was not disclosed at the time and later revealed to be million.

The startup offers visual inspection services for satellites and space debris, enabling operators to monitor the condition of their space assets. They use existing Earth observation satellites already in orbit and employ software to redirect the focus of the cameras to inspect other satellites for signs of wear and tear.

This funding comes at a time when Australia’s space industry has faced setbacks, with news emerging that a million space innovation hub and satellite manufacturing facilities in Queenbeyan have been halted. The project, backed by Investment NSW and involving defense companies Electro Optic Systems (EOS) and Nova Systems, aimed to fill gaps in Australia’s space manufacturing capabilities and attract European satellite manufacturers to the country.

The recent funding raised by HEO Robotics will undoubtedly support its mission to provide valuable satellite monitoring services and contribute to the advancement of Australia’s space industry.

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