Aramco’s Wa’ed Ventures co-invests $13 million Series A round in OQ Technology
- Date: 01-Sep-2022
- Source: Wamda
- Sector:Oil & Gas
- Country:Saudi Arabia
Aramco’s Wa’ed Ventures co-invests $13 million Series A round in OQ Technology
Press release:
OQ Technology, a global 5G IoT (Internet of Things) satellite operator, has closed a €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).
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