Waed Ventures and Phaistos Investment Fund invest €13 million in OQ Technology

Waed Ventures and Phaistos Investment Fund invest €13 million in OQ Technology

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  • Company terminated OQ Technology Luxembourg-based 5G satellite operator, a €13 million financing round from the chain A Co-chairman of a company Wa’ed Ventures the venture capital arm of Aramco and Phistos Investment Fund which is part of 5G Enterprises in Greece.
  • was established OQ Technology In 2016 by Omar Qaisi, a satellite operator of the Internet of Things 5 G Provides global IoT and M2M cellular communication solutions via satellite.
  • Funding will be used to expand operations OK Worldwide, as well as in Saudi Arabia and Greece.

Source: Meal

OQ Technology, the global company in 5G communication technology and the Internet of Things via satellite, announced that it has closed a series A investment round of €13 million led by Waed Ventures, the venture capital arm of start-ups. It is fully owned. by Saudi Aramco, andPhistos Investment Fund 5. FundG Enterprises Greek.

OQ Technology plans to take advantage of this investment to continue developing its technological solutions, acquiring more licenses and frequencies, and launching more satellites within its group specializing in providing communications with the fifth generation technology (5G) and the Internet of Things. Through this expansion, the company aims to facilitate and speed up the processing of data directly in remote areas, by deploying small satellites in low Earth orbit. (Low Earth Orbit).

Commenting on the tour, Omar Al-Qaisi, founder and CEO of OQ Technology, said: “In contrast to the difficult economic conditions facing startups around the world today, OQ’s success around the investment round is to close an important achievement that will contribute. to improve our financial and technical capabilities, enabling us to achieve our goals of growth and expansion within the Middle East and Africa, Asia, South America and others. We aim to continue to develop our products to diversify the company’s range of licenses and patents“.

Omar Al-Qaisi added: “Today we play an important pioneering role in providing communication with the fifth generation technology via satellite by providing a global device that is the first of its kind in the technology of the Internet of Things, which enables communication via satellites. deployed in low Earth orbit and other technologies obtained from the Internet. Public patents in the United States of America and the European Union since 2019. Today we have succeeded in the company’s success to prove through various experiments with large companies included in the “Fortune” magazine list of the world’s 500 best companies, as this investment reflects the effectiveness of our plans and our capabilities and capabilities. And technologies have OQ Technology from the rest of the Internet of Things companies in the field of satellites since its founding in 2016.″.

This year also witnessed the launch of OQ Technology’s third satellite, “Tiger-3”, aboard the “Transporter 4” payload, which was launched on a Falcon 9 rocket manufactured by SpaceX. Today, the company has more satellites that it plans to launch soon to increase the number of satellites in its cluster.

Today, OQ Technology is working to complete the establishment of two of its headquarters, the first in Saudi Arabia, which is the first of its kind in the management and operation of satellite network and satellite operations in the Middle East and North Africa. The other headquarters is located in Greece and is known as “OQ Hellas”.

Eng Fahd Al-Eidi, Managing Director and CEO of Waed Ventures, for his part, said: “Our investment in OQ Technology, the world leader in satellite technology, confirms our continued goal of making the Kingdom a global magnet for technology companies. emerging around the world. We seek that the success of “OQ Technology” represents the first step towards building a comprehensive and integrated system incorporating the latest developments in the field of space technology, so that technical progress begins in the Kingdom and then to all parts of the region expand..”

The company’s local headquarters in the city of Al-Khobar will focus on establishing one of the largest data and network operation centers in the Middle East specialized in 5G communication services via satellite. The center will play a leading role in the implementation of technological operations with major oil and gas companies in the region. The headquarters will also work on the development of new products within the local industrial system to support local companies and universities and thereby contribute contribute to the realization of the Kingdom’s initiatives in the field of space in accordance with Saudi Vision 2030..

Says Antonis Tzortzakakis, CEO of :G5 VenturesWe believe that there is great potential and promising prospects for 5G communication technology and the Internet of Things. Therefore, we are pleased to lead this investment round in OQ Technology, accompanied by Waed Ventures, which is in line with the fund’s strategy to support innovations based on 5G technology that can contribute to the stimulation of the innovation system in Greece.”

It is worth noting the organization’s report GSMA Intelligence Issued this year, indicating that the global market for direct communication with devices and satellites (direct-to-satellite) Today, it is witnessing rapid growth thanks to developments in the “3GPP” technology, which provides new opportunities for telecom companies to achieve additional profits. The value of this revenue is expected to exceed 30 billion dollars by 2035.

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