Wasserbillig, Luxembourg-based OQ Technology, a global 5G IoT satellite operator, announced on Thursday that it has secured €13M in a Series A round of funding led by Wa’ed Ventures and Phaistos Investment Fund.
The company says it will use the funds to develop its technology solution, acquire more spectrum licenses, and grow its 5G IoT satellite constellation.
OQ Technology says the constellation provides fast and real-time data processing for IoT and Machine-to-Machine (M2M) applications such as wellhead monitoring, SCADA system, asset tracking, drone control, and more in remote and rural areas.
Omar Qaise, founder and CEO of OQ Technology, says, “This investment is testament to the strength of our business plans, capabilities, and technology that OQ has been implementing since its inception in 2016, and a clear differentiator from many satellite IoT companies who rely on non-standard technologies. Against a challenging economic backdrop, our decision to seek funding was rewarded with a raise that will help us achieve our immediate goals in terms of growth, expansion into the Middle East, Africa, Asia, South America, and Oceania, increasing our spectrum licences and patents portfolio, and advancing our product development. The company will also accelerate its growth and recruitment efforts in Luxembourg.”