OQ Technology has secured a convertible loan investment as part of its Series-B round — the investment is from the newly-established Luxembourg Space Sector Development fund (LSSD) which is co-led by SES S.A. and the Luxembourg government, and by existing shareholders who strongly backed up this second investment: Waed Ventures (the venture capital arm of the oil and gas giant, Aramco) and Phaistos Investment Fund from Greece.
OQ raised Series-A round of 13 million euros in 2022. This new investment will help OQ Technology accelerate its commercial operations globally, expand its licensed spectrum market access, and convert its existing pipeline into paying customers. OQ Technology already has commercial partnerships with customers such as Aramco, Telefonica, Deutsche Telekom, Transatel, and many more.
The company deployed the first batch of its satellites since 2019 and is looking to expand its satellite constellation by raising the remaining amount of its Series-B round. The company is also looking into expanding its NTN services to address direct-to-smart phone messaging.
“This investment represents a major boost for the company and gives the confidence to other investors to join our round, being backed up by both the world’s largest satellite operator and the venture capital fund of the oil and gas giant is a strong testimony to the value of our standard-based 5G satellite connectivity service” said Founder and CEO, Omar Qaise.