LUXEMBOURG, DHAHRAN, ATHENS, September 1, 2022 (OQ Technology PR) — OQ Technology, a global operator of 5G IoT (Internet of Things) satellites, has closed a €13 million Series A funding round led by Wa’ed Ventures, the venture capital arm of Aramco (the Saudi company of oil and gas), and Phaistos Investment Fund, managed by 5G Ventures 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 IoT and Machine-to-Machine (M2M) applications in remote and rural areas. Such applications can range from wellhead monitoring, SCADA, asset tracking, drone control, vehicle telematics, and smart cars to artificial intelligence, mining, defense, and automated transportation.
According to the GSMA Intelligence report published this year, the global direct-to-device (D2D) market is growing rapidly, with standardized 3GPP technology offering access to new revenue for telcos, and will be worth more than $30 billion. by 2035.
Omar Qaise, Founder and CEO of OQ Technology, said: “This investment is a 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. than relying 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.”
“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.”
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 5G satellite 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 line with Saudi Vision 2030, a strategic framework to accelerate the Kingdom’s energy transition, achieve sustainability goals and drive a new wave of investment.
“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 Fahad Alidi, President and CEO of Wa’ed Ventures. . “We envision OQ becoming the core for building a complete space technology ecosystem starting with the Kingdom and spreading to the surrounding region.”
The Greek subsidiary under the name of “OQ Hellas Technology” will nest within the “Corallia” incubator/accelerator unit of the Athena Research Center (“Athena”) which also houses the Hellenic Space Technologies and Applications Cluster (si-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.”
Earlier this year, OQ Technology launched its third Tiger-3 satellite mission aboard the SpaceX Falcon 9 Transporter-4 rideshare mission. The company has more satellites planned to launch soon to further grow its constellation.
About OQ technology
OQ Technology is the world’s first satellite cellular 5G IoT operator providing global cellular Internet of Things and machine-to-machine communication solutions via satellites. The company has successfully deployed and demonstrated narrowband IoT connectivity over low-Earth orbit satellites and is deploying a global constellation to provide 3GPP-compliant satellite IoT telecommunications services for mobile operators and customers in industries such as energy, mining, logistics, maritime, agriculture and defense. . The company’s proprietary technology that can be easily integrated into existing cellular chips enables billions of users around the world to have ubiquitous IoT connectivity anywhere and using terrestrial and satellite networks. www.oqtec.com | https://twitter.com/oqtec| https://www.linkedin.com/company/oqtechnologysarl
About Wa’ed Ventures
Founded in 2014, Wa’ed Ventures (also known as Saudi Aramco Entrepreneurship Ventures) is an entrepreneurial venture capital arm of Saudi Aramco established with a vision to ignite entrepreneurship and innovation in the Kingdom. The fund invests in innovative and impactful early-stage startups with high growth potential, which promote economic development in Saudi Arabia and enhance the innovation and entrepreneurship ecosystem in the Kingdom. The firm is headquartered in Dhahran, Saudi Arabia. http://www.waed.net
About 5G Ventures SA and Phaistos Investment Fund
5G Ventures SA, a subsidiary of the Hellenic Assets and Holdings Corporation, manages Phaistos Investment Fund and points to an innovative approach to supporting a thriving 5G ecosystem in Greece. Phaistos Fund supports companies developing 5G-related products and services and is an effective bridge between state and private investments, bringing together the best of both worlds. It offers unique capabilities, and through its focus on the 5G market, Phaistos is better positioned to deliver remarkable returns and national economic growth. More information about 5G Ventures and Phaistos Fund is available on the website www.5gventures.gr, LinkedIn www.linkedin.com/company/5gventures/ and Twitter twitter.com/5GVenturesSA.