5G Ventures announced the investment of the Phaistos Investment Fund (Series A funding round) in OQ Technology.
OQ Technology is an innovative company that uses low-orbit satellites to provide seamless connectivity to Internet of Things (IoT) facilities in areas where terrestrial networks do not provide coverage. The company is based in Luxembourg.
OQ Technology is the first 5G IoT provider to deploy a global hybrid system combining satellite and terrestrial wireless networks. The company’s particular system provides seamless connectivity using 5G standards and equipment for a variety of IoT applications, including environmental monitoring, agriculture, supply chain, shipping, smart metering, mining, aviation and defense.
OQ Technology’s Narrowband-IoT (NB-IoT) solution is a new service where centralized connections via satellites or mobile networks are provided for IoT uses on land, sea and air. The service is based on the 5G 3GPP protocol and is compatible with every mobile protocol and equipment. Therefore, any IoT device (such as sensors, cameras, etc.) can be connected to OQ Technology’s satellites for continuous coverage.
OQ Technology has successfully implemented and demonstrated NB-IoT connectivity via low-orbit satellites. Further, it is deploying a satellite formation with global coverage to deliver 5G IoT telecommunications services to providers and customers in industries such as energy, mining, supply chain, shipping, agriculture and defense.
This funding round was led by Phaistos Investment Fund and Wa’ed Ventures, Saudi Aramco’s venture capital fund.
In addition, on July 28, 2022, OQ Technology established a subsidiary company in Greece, under the name “OQ Technology Hellas”. The company is based in the Corallia unit of the “Athina” Research Center, which hosts the si-Cluster (Space Technologies and Applications Cluster).
5G Ventures has signed memorandums of cooperation with both “Athina” and Corallia, while OQ Technology has already contacted companies from the si-Cluster to explore synergies and opportunities in Greece.
According to a study by Transparency Market Research, the global IoT 5G satellite market was valued at $843.2 million in 2021 and is estimated to reach $6.142 billion by 2031, with a compound annual growth rate (CAGR) of 22% for the period 2021-2031.
About 5G Ventures and the Phaistos Investment Fund
5G Ventures SA manages the Phaistos Investment Fund and marks an innovative approach to support a thriving 5G ecosystem in Greece.
The Phaistos Fund supports companies developing products and services related to 5G and is an effective bridge between Public and Private Investments, combining the best elements of each sector.
It offers unique capabilities and, through its focus on the 5G market, Phaistos is optimally positioned to deliver remarkable returns and national economic growth.
More information is available on the website at www.5gventures.gron Twitter @5GVenturesSA and on LinkedIn (https://www.linkedin.com/company/5gventures).
Source: Capital
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