# HEO funding: rounds and investors > HEO has raised $38M across 2 rounds since 2023. Investors include Y Combinator, Liquid 2 Ventures and Airtree Ventures. Every round with its source. Source: https://millionrounds.com/company/heo (Millionrounds; every figure on the page links to its filing or article) Australia · [Series B startup](https://millionrounds.com/companies) # Who invested in *HEO* 2 rounds we have observed, with the 4 investors named in them. Every figure came from a named source, and where the company reported a raise to the SEC itself, that is shown beside it. AI Raised 2 months ago Funding summary Updated 26 Oct 2026 **$38M** raised across 2 rounds since 2023, from 2 sources **$12M** Series A **$26M** Series B - **Latest round:** Series B, $26M Sept 2026 - **Step-up i:** 2.2× - **Investors:** 4 See who backed them ## The funding story Each circle is a round, placed by date and sized by amount. The line above is the running total. 2024 2025 2026 **$12M** Series A **$26M** Series B - **First round:** Series A, $12M - **Biggest round:** $26M - **Between rounds:** 3.1 years ## The rounds - **Sept 2026** Series B **$26M** *3 returning* [Y Combinator](https://millionrounds.com/fund/y-combinator) [Liquid 2 Ventures](https://millionrounds.com/fund/liquid-2-ventures) [Airtree Ventures](https://millionrounds.com/fund/airtree) Source recorded - **Aug 2023** Series A **$12M** *4 new* [Y Combinator](https://millionrounds.com/fund/y-combinator) [Liquid 2 Ventures](https://millionrounds.com/fund/liquid-2-ventures) [In-Q-Tel](https://millionrounds.com/fund/iqt) [Airtree Ventures](https://millionrounds.com/fund/airtree) Source recorded ## Founders and team From HEO's own website: 3 founders. **Dr. Will Crowe** Co-Founder & CEO **At A Glance** Co-Founder & CTO **Dr Hiranya Jayakody** Co-Founder & CTO ## Who was in which round The busiest backers across the latest rounds. A filled square is a round they joined; a dark one, a round they led. **Series A** 2023 **Series B** 2026 [Y Combinator](https://millionrounds.com/fund/y-combinator) [Liquid 2 Ventures](https://millionrounds.com/fund/liquid-2-ventures) [Airtree Ventures](https://millionrounds.com/fund/airtree) [In-Q-Tel](https://millionrounds.com/fund/iqt) ## Everyone who backed them [Y Combinator](https://millionrounds.com/fund/y-combinator) Accelerator **2** rounds [Liquid 2 Ventures](https://millionrounds.com/fund/liquid-2-ventures) VC firm **2** rounds [Airtree Ventures](https://millionrounds.com/fund/airtree) VC firm **2** rounds [In-Q-Tel](https://millionrounds.com/fund/iqt) Accelerator **1** round Missing a round, or an investor who was in one? [Tell us](https://millionrounds.com/corrections?slug=heo). ## Also claim to have backed them These 3 firms list HEO as a portfolio company on their own websites, but no report of a round names them. They are the firms' own claims, kept apart from the rounds above. [Beaten Zone Venture Partners](https://millionrounds.com/fund/beaten-zone-venture-partners) VC firm Per its own site [Paspalis Capital](https://millionrounds.com/fund/paspalis-capital) VC firm Per its own site [Davis Enterprises Holdings](https://millionrounds.com/fund/davis-enterprises-holdings) Family office Per its own site ## Quick answers about HEO ### Who invested in HEO? HEO's investors include Y Combinator, Liquid 2 Ventures, Airtree Ventures and In-Q-Tel. ### How much has HEO raised? HEO has raised $38M across 2 rounds since 2023. ### When did HEO last raise? HEO's most recent round was a Series B of $26M in Sept 2026. ### What was HEO's biggest round? Its most recent round, $26M in Sept 2026, is also its largest on record. ### Who backed HEO first? HEO's first round on record, in Aug 2023, was backed by Y Combinator, Liquid 2 Ventures and In-Q-Tel and 1 others. ### What stage is HEO at? HEO's latest named round is a Series B, in Sept 2026. ### Where is HEO based? HEO is based in Australia. ## Companies like HEO In the same sector, and raised in the last eighteen months. [**Cuttable** $29M · Oct 2026](https://millionrounds.com/company/cuttable)[**OpenDebt** $2.0M · Sept 2026](https://millionrounds.com/company/opendebt)[**Evatto** $1.0M · Sept 2026](https://millionrounds.com/company/evatto)[**Avoca Systems** $500K · Sept 2026](https://millionrounds.com/company/avoca-systems)[**Auric Essentials** $300K · Sept 2026](https://millionrounds.com/company/auric-essentials)[**Gridsight** $38M · Sept 2026](https://millionrounds.com/company/gridsight) ## Find investors like these Search every investor by what they have actually funded, then narrow to your stage and market. Free. Open the investor searchOr these rounds in the app