Aramco’s Wa’ed Ventures co-leads a $13m series A funding round for OQ Technology  

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.