Spacetech startup OQ Technology raises EUR13m in Series A funding round

OQ Technology, a global 5G IoT (internet of things) satellite operator, has closed a EUR13m Series A funding round led by 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. The company’s technology enables applications requiring fast and real-time data processing in remote and rural areas via small satellites in low Earth orbit (LEO).

Earlier this year, 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.

“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,” said Omar Qaise, founder and CEO of OQ Technology.

“We have pioneered satellite-based 5G communications with the world’s first universal IoT device that can provide connectivity using satellite in LEO and other patented technologies.  Since 2019, we had many successful missions with more in the pipeline, and we had successful service demos with Global Fortune 500 companies. 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 many other satellite IoT companies.”

Fahad Alidi, MD and CEO at Wa’ed Ventures has 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.” He added, “We envision OQ to become the nucleus to building a full spacetech ecosystem that starts with the kingdom and outspreads to the surrounding region.”

5G Ventures CEO Antonis Tzortzakakis said: “We consider there is great potential for 5G IoT technology, and we are very excited to invest in OQ Technology, together with Aramco’s Wa’ed Ventures. The investment fits perfectly in 5G Ventures’ strategy for supporting innovative 5G-related technologies that are capable of creating value and contributing to the evolution of an ecosystem of innovation in Greece,”

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.