SpaceTech start-up OQ raises $13m and seeks to position Saudi Arabia as a satellite hub – The National
- Date: 01-Sep-2022
- Source: The National
- Sector:Technology
- Country:Saudi Arabia
SpaceTech start-up OQ raises $13m and seeks to position Saudi Arabia as a satellite hub – The National
OQ Technology, a Luxembourg-based operator of 5G Internet of Things satellites, raised €13 million ($13.02m) in a Series A funding round co-led by Saudi Aramco's entrepreneurial arm Wa'ed Ventures and Greece-based Phaistos Investment Fund.
The funds will be used to grow OQ's 5G IoT satellite constellation, further develop its proprietary technology and acquire more licences.
OQ’s technology enables applications requiring fast and real-time data processing in remote and rural areas through small satellites in low Earth orbit (LEO).
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