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DUBAI (Reuters) – Luxembourg-based global 5G internet-of-things satellite operator OQ Technology has announced a $13 million Series A funding round jointly led by Saudi Aramco’s Waed Ventures and Greece’s Ventures. Raised Euro ($13.05 million). Phaistos Investment Fund, according to a joint statement Thursday.

This is Wa’ed’s first overseas investment, as it expands its mandate to pursue global tech startups looking to localize their products and solutions in Saudi Arabia.

Wa’ed is the entrepreneurial venture capital arm of the Kingdom’s national oil giant. Phaistos Investment Fund focuses on investing in 5G-related products and services and is managed by his 5G Ventures, an Athens-based venture capital firm.

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Founded by Omar Qaise, who worked as a spacecraft engineer at the European Space Agency and the German Aerospace Center, OQ Technology built unlimited cellular coverage around the world to help companies monitor assets and connect machines around the world. provide.

The funds will be used to expand operations to Saudi Arabia, which hosts one of the Middle East’s largest data and network operations centers for 5G satellite services, and to explore new opportunities in Greece, the statement said. .

Rising interest rates are making it more difficult to raise capital for tech companies. High yields dampen the attractiveness of companies in technology and other high-growth sectors. Future cash flows are often the focus in these sectors, with higher yields leading to lower discount rates.

OQ Founder and CEO Omar Qaise said: statement technology.

($1 = 0.9963 Euro)

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Reporting by Hadir Al-Sayeg Editing by Tomasz Janowski

Our standards: Thomson Reuters Trust Principles.

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