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The Intelligence Layer for Space: Investing in HEO
Space is becoming increasingly crowded, valuable, and contested. Thousands of satellites are launched each year, yet governments and commercial operators still have limited visibility into what those systems are doing, whether they are behaving unexpectedly, or when they may be failing. Historically, the ability to image one object in space from another was highly classified and inaccessible, leaving a growing intelligence gap as activity in orbit accelerates.
That’s why we invested in HEO via Deepwater Venture Fund II.
HEO is a Sydney-based space intelligence company that created and now leads commercial Non-Earth Imaging (NEI), a newly deregulated category that uses satellites to image other objects in space. Rather than launching a large proprietary constellation, HEO operates a software-defined network that integrates cameras on primarily third-party satellites. When partner satellites are idle, HEO can direct them toward targets of interest and combine the imagery with AI and human analysis to generate actionable intelligence.
We believe HEO’s capital-light model is well suited to a market where coverage and speed matter. Its platform identifies optimal collection opportunities, captures imagery through its partner network, and analyzes that data for strategic intelligence, tactical analysis, and satellite inspection. Adding more partner sensors can expand coverage without requiring HEO to build an entire satellite fleet itself.
Demand is emerging from both government and commercial customers. HEO has contracts with the U.S. and allied governments and also serves commercial satellite operators. The opportunity should expand as the number of satellites in orbit grows from roughly 15,000 to 20,000 today to potentially millions within the next decade, increasing the need to understand what is happening above Earth.
HEO was founded by Dr. Will Crowe, CEO, and Dr. Hiranya “HJ” Jayakody, CTO, who combined PhD research in astrodynamics, robotics, and computer vision to build the world’s first commercial NEI company. The company has a global footprint, with offices across Australia, the U.S., the U.K., France, and Japan.