The Luxemburg-based startup’s constellation supports real-time data processing for IoT and Machine-to-Machine (M2M) applications in remote and rural areas. Cited applications include SCADA systems, asset tracking, drone control, and wellhead monitoring.
It says it will use the funds to acquire more spectrum licenses and grow its satellite constellation. It currently has two demonstration satellites in orbit – “cell-towers in space” as the company calls them.
“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 Middle East, African, Asia, South America, and Oceania, increasing our spectrum licenses and patents portfolio, and advancing our product development,” said Omar Qaise, founder and CEO of OQ Technology. “The company will also accelerate its growth and recruitment efforts in Luxembourg.”
5G Ventures, of Greece, which manages the Phaistos Investment Fund, was also investing in the round.
OQ Technology’s dual-mode satellite-cellular IoT modem and tracker, pictured above, can collect data “from more than 1000 sensors”, has built-in GPS, and supports 5G NB-IoT, GSM, LTE-M and bi-directional satellite links. The company sells data prepaid bundles, ranging from kilobytes to megabytes.
It has recently established two subsidiaries, in Athens, Greece and Al Khobar, Saudi Arabia. According to the company, the Saudi subsidiary will host the first satellite 5G network center of its kind in the country and in the MENA region.
“The subsidiary will be used to engage with large oil and gas companies in the region and with the local industrial ecosystem and universities. The latter is in line with Saudi Vision 2030, a strategic framework to accelerate the Kingdom’s energy transition, achieve sustainability goals, and drive a new wave of investment.”
See also: Lacuna’s IoT network to offer LoRaWAN direct-to-satellite connectivity