OQ technology Completed a Series A financing of 13 million euros by Wa’ed VenturesVenture capital sector Aramco (saudi oil and gas co.), and Festos Investment Fundmanaged by 5G VC 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.Constellation provides fast and real-time data processing Internet of Things and machine to machine (M2M) in remote and rural areas. Such applications range from wellhead monitoring, SCADA systems, asset tracking, drone control, vehicle telematics and smart cars to artificial intelligence, mining, defense and automated transportation.
according to a GSMA Think Tank In this year’s report, the global directly to the device (D2D) market is growing rapidly, with 3GPP Standardized technologies provide telcos with new revenue, worth more than $30 billion by 2035.
Recently, OQ Technology has started to set up two subsidiaries with global operations, one in Athens, Greece another in Al Khobar, Saudi Arabia.
The Saudi subsidiary will build the first and only satellite 5G network center of its kind in Saudi Arabia and 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 collaborate with large oil and gas companies in the region as well as local industrial ecosystems and universities.the latter conforms to Saudi Vision 2030a strategic framework to accelerate Saudi energy transition, achieve sustainable development goals and drive a new wave of investment.
Earlier this year, OQ Technology launched its third satellite mission – Tiger 3 — boarded SpaceX Falcon 9 Transporter-4 Carpooling tasks. The company has more satellites planned for launch to further expand its constellation.
Omar KeyesThe founder and CEO of OQ Technology said, “THis investment is a testament to the strength of the business plan, capabilities and technology that OQ has been implementing since its inception in 2016, as well as a clear distinction from many satellite IoT companies that rely on non-standard technologies. Amid a challenging economic backdrop, our decision to seek funding has been complemented by a pay rise that will help us achieve our near-term goals of growth, expansion into the Middle East, Africa, Asia, South America and Oceania, increasing our spectrum licensing and patent portfolio, and advance our product development. The company will also accelerate its growth and recruitment efforts in Luxembourg.“
he added,”We pioneered satellite-based 5G communications, launched the world’s first general-purpose IoT device using Low Earth Orbit (LEO) satellites to provide connectivity in 2019, and have since acquired other patented technologies. All of our launch missions and our service demos with global Fortune 500 companies have been successful, and we have many more in the pipeline.“
“Our investment in global satellite technology pioneer OQ Technology is a true reflection of our mission to position Saudi Arabia as the center of gravity for global technology businessesSay Fahad Alidi, Managing Director and CEO of Wa’ed Ventures. “We envision that OQ will be at the heart of building a complete space technology ecosystem, starting with the kingdom and expanding to the surrounding areas.“
Greek subsidiary with the name “OQ Technology Hellas“will be nested in an incubator/accelerator unit”Corallia” or Athena Research Center (“Athena”), also bearing Greek Space Technology and Applications Cluster (si-cluster). 5G Ventures has signed a MoU (Memorandum of Understanding) with “Athena” and “Corallia”, and OQ Technology has contacted si-Cluster’s companies to explore synergies and opportunities in Greece.
Antonis Tzortzakakis, CEO of 5G Ventures, said:We believe in the huge potential of 5G IoT technology and we are delighted to invest in OQ technology with Wa’ed Ventures of Saudi Aramco. The investment is fully in line with 5G Ventures’ strategy to support innovative 5G-related technologies that create value and contribute to the development of the Greek innovation ecosystem.“