O.Q. technology has closed a Series A financing round of 13 million euros led by Wa’ed Venturesthe venture capital arm in aramco (saudi oil and gas company), Y Phaistos Investment Fundmanaged by 5G companies in Greece.
OQ Technology will use the funds to further develop its own technology solutions, acquire more spectrum licenses and grow its 5G IoT satellite constellation. The constellation provides fast, real-time data processing for internet of things Y machine to machine (M2M) applications in remote and rural areas. Such applications can range from well monitoring, SCADA, asset tracking, drone control, vehicle telematics, and smart cars to artificial intelligence, mining, defense, and automated transportation.
according to a GSMA Intelligence report published this year, the world report direct to device (D2D) the market is growing rapidly, with 3GPP standardized technology that offers access to new revenues for telecommunications companies and will be worth more than $30 billion by 2035.
OQ Technology has recently initiated the establishment of two subsidiaries with global competencies, one in Athens, Greece and the other in Al-Khobar, Saudi Arabia.
The Saudi affiliate will host the first and only satellite 5G network hub of its kind in the Kingdom and in the MENA region. It will also be one of the largest data and network operations centers for 5G satellite services in the Middle East. The subsidiary will be used to engage with the large oil and gas companies in the region and with the industrial ecosystem and local universities. The latter is in accordance with Saudi Vision 2030a strategic framework to accelerate the Kingdom’s energy transition, achieve sustainability goals and drive a new wave of investment.
Earlier this year, OQ Technology launched its third satellite mission: Tiger-3 — on board the SpaceX Falcon 9 Transporter-4 rideshare mission. The company has more satellites planned to launch soon to further grow its constellation.
Omar Qaisefounder and CEO of OQ Technology, said: “TThis investment is testament to the strength of our business plans, capabilities and technology that OQ has been implementing since its inception in 2016, and a clear differentiator from many satellite IoT companies that rely on non-standard technologies. In a challenging economic environment, our decision to seek financing was rewarded with an increase that will help us achieve our immediate goals in terms of growth, expansion to the Middle East, Africa, Asia, South America and Oceania, increasing our licenses and patents of spectrum. portfolio and advancing in the development of our products. The company will also accelerate its growth and recruitment efforts in Luxembourg.“
He added, “We have pioneered satellite-based 5G communications with the introduction of the world’s first universal IoT device providing connectivity using a Low Earth Orbit (LEO) satellite in 2019 and other proprietary technologies since then. All of our launched missions and demonstrations of service with Global Fortune 500 companies have been successful, and we have more missions in the pipeline.”
“Our investment in OQ Technology, a global pioneer in satellite technology, is a true manifestation of our mission to position the Kingdom as the center of gravity for global technology companies.,” said fahhad alidi, Managing Director and CEO of Wa’ed Ventures. “We envision OQ becoming the core for building an entire space technology ecosystem starting with the Kingdom and spreading to the surrounding region.”
The Greek subsidiary, under the name of “OQ Hellas Technology,” will be nested inside the incubator/accelerator unit “Coralia” of Athena Research Center (“Athena”) which also houses the Hellenic Space Technologies and Applications Cluster (if-Cluster). 5G Ventures has signed MoU (memorandum of understanding) with “Athena” and “Corallia” and OQ Technology has already contacted si-Cluster companies to explore synergies and opportunities in Greece.
5G Ventures CEO Antonis Tzortzakakis said: “We believe there is great potential for 5G IoT technology and, together with Saudi Aramco’s Wa’ed Ventures, we are very excited to invest in OQ Technology. The investment fits perfectly into 5G Ventures’ strategy to support innovative 5G-related technologies capable of creating value and contributing to the evolution of an innovation ecosystem in Greece.“