5G IoT satellite operator OQ Technology has closed a EUR13 million (USD12.98 million) funding round led by Wa’ed Ventures, the venture capital arm of Saudi oil firm Aramco and Phaistos Investment Fund, managed by 5G Ventures in Greece. OQ Technology will use the funds to further develop its technology solutions, acquire more spectrum licences, and grow its 5G IoT satellite constellation, which provides real-time data processing for IoT/M2M applications in remote and rural areas. Applications can range from wellhead monitoring, SCADA system, asset tracking, drone control, vehicle telematics and smart cars to AI, mining, defence, and automated transport. Earlier this year, OQ Technology launched its third satellite mission Tiger-3 and plans further launches soon.

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