Luxembourg, October 21, 2024: OQ Technology, a world leader in 5G Non-Terrestrial Network satellite communication 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 back in 2022.
The investment will help OQ Technology to 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 has 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 standardbased 5G satellite connectivity service” said Founder & CEO Omar Qaise.

About OQ Technology,
OQ Technology operates the world’s first constellation of LEO satellites providing 5G coverage for IoT devices based on standardised 3GPP cellular technology for narrowband-IoT. Its technology is available for mobile operators and customers in industries such as energy, mining, logistics, maritime, and agriculture. The company’s patented technology can easily be used to connect existing cellular chips, allowing billions of users around the world to have ubiquitous IoT connectivity anywhere and using both terrestrial and satellite networks.
Founded in 2016 in Luxembourg, OQ Technology offers today global coverage and has expanded with global offices in Greece, Saudi Arabia, UAE, and Rwanda. The company is a major player in the global cellular standardization group 3GPP and has managed to engage with fortune 500 companies such as Aramco, Telefonica, and many more.
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