UAE based OQ Technology, a global 5G IoT (Internet of Things) satellite operator, has raised $12.96 million in a Series A funding round led by Saudi Arabia’s Wa’ed Ventures, the venture capital arm of Aramco, and Phaistos Investment Fund, managed by 5G Ventures in Greece.
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).
In early 2022, OQ Technology launched its third satellite mission, Tiger-3, aboard the SpaceX Falcon 9 rideshare mission Transporter-4. The company has more planned satellites that will be launched soon to further grow its constellation.
Omar Qaise, founder and CEO of OQ Technology stated, “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 Middle East, African, Asia, South America, and Oceania, increasing our spectrum licenses and patents portfolio, and further our product development. We have pioneered satellite-based 5G communications with the world’s first universal IoT device that can provide connectivity using satellite in low Earth orbit (LEO) and other patented technologies. This investment is testament to the strength of our business plans, capabilities, and technology that OQ has been implementing since its inception and a clear differentiator from much other satellite IoT companies.”
Fahad Alidi, Managing Director and CEO at Wa’ed Ventures commented; “Our investment in OQ Technology, a global pioneer in the satellite technology, is the true manifestation of our mission to position the Kingdom as the centre of gravity for global tech ventures. We envision OQ to become the nucleus to building a full spacetech ecosystem that starts with the Kingdom and outspreads to the surrounding region.”
As part of OQ’s expansion strategy, OQ Technology is in the process of establishing two global subsidiaries, one in Saudi Arabia, the first of its kind in the Kingdom and the only 5G space network operations centre in the MENA region, and one in Greece under the name ‘OQ Technology Hellas’.
The Saudi subsidiary, headquartered in Al Khobar, will host one of the largest data and network operations centre 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. The centre 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.
