RIYADH: Global 5G satellite operator OQ Technology raised €13 million ($13 million) in a series A funding round co-led by Saudi Aramco’s venture arm Wa’ed Ventures and Greece-based venture capital firm Phaistos Investment Fund.

OQ Technology claims to be the world’s first satellite cellular 5G Internet of Things operator that provides communications solutions through satellites.

Established in 2016, the firm is the first in the world to provide the fifth generation service via satellite in remote places, CEO OQ Technology Omar Qaise said. 

The company will utilize its acquired funding to grow its satellite constellations, acquire more licenses, and expand its footprint into Saudi Arabia and Greece in addition to other countries.

It is looking forward to launching a number of satellites and building a center in Saudi Arabia during 2023, he told Al-Arabiya.

Since 2019, the company’s value has grown over six times and the goal is to achieve similar growth over the next two years, he added. 

“We envision OQ to become the nucleus to building a full space tech ecosystem that starts with the Kingdom and outspreads to the surrounding region,” Fahad Alidi, managing director and CEO at Wa’ed Ventures, said in a statement.

Wa’ed Ventures aims to host one of the largest data and network operations centers in the Middle East for 5G satellite services to develop new products in line with Saudi Arabia’s space initiatives.