Aramco’s Wa’ed Ventures and Phaistos Investment Fund co-lead EUR13mln Series A round in global spacetech company OQ Technology

Aramco’s Wa’ed Ventures and Phaistos Investment Fund co-lead EUR13mln Series A round in global spacetech company OQ Technology

- With its 5G IoT satellite constellations, OQ stands as the first global satellite 5G IoT operator in KSA and the MENA region

- The funding will be used to expand the operations of OQ globally, and also in Saudi Arabia and Greece

Dhahran – OQ Technology, a global 5G IoT (Internet of Things) satellite operator, has closed a Euro 13 million 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. 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).

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