OQ Technology, a global 5G Internet of Things (IoT) satellite operator, raised $13m in a Series A funding round led by Aramco’s Wa’ed Ventures and Phaistos Investment Fund.
OQ Technology will use the funds to grow its 5G IoT satellite constellation, further develop its proprietary technologies, and acquire more licenses. OQ’s technology enables applications requiring fast and real-time data processing in remote and rural areas via small satellites in low Earth orbit (LEO).
“Against a challenging economic backdrop, our decision to seek funding was rewarded with a raise that will help us achieve our immediate goals in terms of growth, expansion into the Middle East, African, Asia, South America, and Oceania, increasing our spectrum licenses and patents portfolio, and further our product development,” said Omar Qaise, founder and CEO of OQ Technology
As part of OQ’s expansion strategy, the startup is establishing two global subsidiaries, one in Saudi Arabia, and the other in Greece under the name ‘OQ Technology Hellas’.
The Saudi subsidiary will host one of the largest data and network operations centers in the Middle East for 5G satellite services and will pioneer many of the business engagements with large oil and gas companies in the region according to the startup.
The center will develop new products to engage with the local industrial ecosystem and universities in line with Saudi Arabia’s space initiatives as part of Vision 2030.
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