Aramco’s Wa’ed Ventures and Phaistos investment fund invests €13 million in global space technology company OQ Technology – Parabolic Arc

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LUXEMBOURG, DHAHRAN, ATHENS, September 1, 2022 (OQ Technology PR) — 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 (the company oil and gas company), and Phaistos Investment Fund, managed by 5G Ventures in Greece.

OQ Technology will use the funds to further develop its own technology solutions, acquire more spectrum licenses and expand its constellation of 5G IoT satellites. The constellation provides fast, real-time data processing for IoT and Machine-to-Machine (M2M) applications in remote and rural areas. These applications can range from wellhead monitoring, SCADA system, asset tracking, drone control, vehicle telematics and smart cars to artificial intelligence, mining, defense and automated transport.

According to the GSMA Intelligence report published this year, the global direct-to-device (D2D) market is growing rapidly, with standardized 3GPP technology providing access to new revenue for telecom operators, and will reach more than 30 billion. dollars by 2035.

Omar Qaise, Founder and CEO of OQ Technology, said, “This investment is a testament to the strength of our business plans, our capabilities and the technology that OQ has implemented since its inception in 2016, and a clear differentiator from many satellite IoT companies that rely on non-standard technologies. In a difficult economic environment, our decision to seek funding has been rewarded with an increase that will help us achieve our immediate goals in terms of growth, expansion in the Middle East, Africa, Asia, South America and in Oceania, by increasing our portfolio spectrum licenses and patents and advancing the development of our products. The company will also accelerate its growth and recruitment efforts in Luxembourg.

“We pioneered 5G satellite communications with the introduction of the world’s first universal IoT device providing connectivity using a Low Earth Orbit (LEO) satellite in 2019 and other patented technologies since. All of our launched missions and service demonstrations with Global Fortune 500 companies have been successful, and we have more missions in the pipeline.

Recently, OQ Technology has started the establishment of two global subsidiaries, one in Athens, Greece and the other in Al Khobar, Saudi Arabia.

The Saudi subsidiary will host the first and only 5G satellite network hub of its kind in the Kingdom and the MENA region. It will also be one of the largest data and network operations centers for 5G satellite services in the Middle East. The subsidiary will be used to engage with major oil and gas companies in the region and with the local industrial ecosystem and universities. The latter is in line with Saudi Vision 2030, a strategic framework to accelerate the Kingdom’s energy transition, achieve sustainability goals and spur a new wave of investment.

“Our investment in OQ Technology, a global pioneer in satellite technology, is a true manifestation of our mission to position the Kingdom as the center of gravity for global technology companies,” said Fahad Alidi, Managing Director and CEO of Wa’ed. ventures. . “We envision OQ becoming the hub for building a comprehensive space technology ecosystem that begins with the Kingdom and expands to the surrounding region.”

The Greek subsidiary under the name of “OQ Technology Hellaswill be located within the “Coralia” incubator/accelerator unit of the Athena Research Center (“Athena”), which also houses the Hellenic Space Technologies and Applications Cluster (si-Cluster). 5G Ventures has signed Memoranda of Understanding (MoU) with “Athena” and “Corallia”, and OQ Technology has already reached out to si-Cluster companies to explore synergies and opportunities in Greece.

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

Earlier this year, OQ Technology launched its third Tiger-3 satellite mission aboard the SpaceX Falcon 9 Transporter-4 rideshare mission. The company has other satellites planned to be launched soon to further develop its constellation.

About OQ Technology

OQ Technology is the world’s first satellite-based 5G cellular IoT operator providing global cellular Internet of Things and machine-to-machine communication solutions via satellites. The company has successfully implemented and demonstrated narrowband IoT connectivity on low Earth orbit satellites and is deploying a global constellation to deliver 3GPP-compliant satellite IoT telecommunications services for mobile operators and customers in industries such as as energy, mining, logistics, maritime, agriculture and defence. . The company’s patented technology, which can be easily integrated into existing cellular chips, enables billions of users worldwide to have pervasive IoT connectivity anywhere and using both terrestrial and satellite networks. . www.oqtec.com | https://twitter.com/oqtec| https://www.linkedin.com/company/oqtechnologysarl

About Wa’ed Ventures

Founded in 2014, Wa’ed Ventures (also known as Saudi Aramco Entrepreneurship Ventures) is an entrepreneurial venture capital arm of Saudi Aramco established with the vision of igniting the spirit of entrepreneurship and innovation in the Kingdom. The fund invests in innovative and impactful startups with high growth potential, which promote economic development in Saudi Arabia and strengthen the ecosystem of entrepreneurship and innovation in the Kingdom. The company is based in Dhahran, Saudi Arabia. http://www.waed.net

About 5G Ventures SA and Phaistos Investment Fund

5G Ventures SA, a subsidiary of the Hellenic Corporation of Assets and Participations, manages the Phaistos investment fund and reports an innovative approach to supporting a thriving 5G ecosystem in Greece. The Phaistos Fund supports companies developing 5G-related products and services and acts as an effective bridge between public and private investment, as it brings together the best of both worlds. It offers unique capabilities and with its focus on the 5G market, Phaistos is uniquely positioned to deliver remarkable returns as well as national economic growth. More information about 5G Ventures and Phaistos Fund can be found on the website www.5gventures.gr, LinkedIn www.linkedin.com/company/5gventures/ and Twitter twitter.com/5GVenturesSA.

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