Insider Brief
- OQ Technology has secured convertible loan financing in its Series-B funding round, co-led by SES S.A. and the Luxembourg government, including contributions from Luxembourg Space Sector Development (LSSD).
- With this new financing, OQ Technology aims to accelerate its global commercial operations and expand its access to licensed spectrum markets.
- As part of its growth strategy, OQ is also raising additional Series-B funds to further build out its satellite constellation and is eyeing NTN service expansion to support direct-to-smartphone messaging capabilities.
OQ Technology, a leading name in 5G Non-Terrestrial Network (NTN) satellite communications, announced it has secured convertible loan financing in its Series-B funding round. This round includes contributions from the newly established Luxembourg Space Sector Development (LSSD) fund, co-led by SES S.A. and the Luxembourg government. Existing backers, including Saudi-based Waed Ventures, the venture capital arm of Aramco, and Greece’s Phaistos Investment Fund, also reinforced their support in this funding phase.
With this new financing, OQ Technology aims to accelerate its global commercial operations and expand its access to licensed spectrum markets. The company plans to convert its current pipeline into revenue-generating contracts, leveraging established partnerships with major players such as Aramco, Telefonica, Deutsche Telekom, and Transatel.
The company has been actively developing its satellite network since deploying its first satellites in 2019. As part of its growth strategy, OQ is also raising additional Series-B funds to further build out its satellite constellation and is eyeing NTN service expansion to support direct-to-smartphone messaging capabilities.
Omar Qaise, Founder and CEO of OQ Technology, highlighted the strategic significance of this investment. He noted that backing from both SES, the world’s largest satellite operator, and Aramco’s venture capital arm reinforces confidence in the company’s mission to deliver reliable, standards-based 5G satellite connectivity worldwide.
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