Funding Round attributes
OQ Technology, a pioneer in 5G satellite services for Internet of Things (IoT) applications, recently announced a €30 million investment as part of its Series-B funding round. The investment was led by Luxembourg’s Space Sector Development Fund (LSSDF), a joint initiative supported by the Luxembourg government and SES S.A., which aligns with Luxembourg’s strategic focus on fostering space sector advancements.
This Series-B funding round includes contributions from previous investors, notably Wa’ed Ventures, the venture capital arm of Aramco, and the Phaistos Investment Fund from Greece. OQ Technology, headquartered in Luxembourg, specializes in providing 5G network services to remote and rural areas using non-terrestrial networks (NTN). This allows for IoT connectivity in regions that lack terrestrial network coverage, serving industries such as logistics, oil and gas, and agriculture.
The new funding will enable OQ Technology to expand its commercial activities, secure additional spectrum licenses, and scale its NTN operations globally. This growth initiative supports the company’s goal of delivering enhanced IoT connectivity worldwide, especially in areas where traditional network infrastructure is limited. According to Omar Qaise, the founder and CEO of OQ Technology, this investment will help solidify the company’s position as a leader in satellite-enabled IoT connectivity, leveraging advanced technology to bridge gaps in network coverage.
The involvement of LSSDF, alongside key investors like Wa’ed Ventures and the Phaistos Investment Fund, underscores a strong commitment to OQ Technology’s vision. With this convertible investment, OQ Technology can further its strategic objective to deliver 5G IoT solutions across a range of remote sectors, enabling industries in isolated regions to benefit from reliable, low-latency connections.
