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TAMPA, Fla. — Luxembourg’s government has backed a major chunk of OQ Technology’s ongoing 30 million euro ($32 million) Series B funding round, according to the Luxembourg-based operator of small narrowband satellites.
OQ Technology announced an investment Oct. 21 from the Luxembourg Space Sector Development (LSSD), which the government co-runs with SES, a multi-orbit satellite fleet operator also based in the country.
A spokesperson for OQ Technology said the investment covers a “significant part” of the Series B’s target, adding that it comes via a loan that LSSD can convert into an undisclosed number of shares in the venture within two years of closing the round.
“This investment represents a major boost for the company and gives the confidence to other investors to join our round,” said OQ Technology founder and CEO Omar Qaise, a former SES employee.
OQ Technology said existing investors, including Saudi oil and gas company Aramco’s venture capital arm, are also participating in the funding round.
The round comes after OQ Technology raised about $13 million in Series A funding two years ago, helping the venture deploy 10 low-Earth-orbit satellites to provide connectivity to remote monitoring and tracking devices.
The Series B round would support plans to deploy 20 more satellites by the end of next year, improving the constellation’s coverage and performance for oil and gas and other markets relying on off-the-grid devices.
OQ Technology is also exploring ways to connect unmodified smartphones from its constellation, which is already compatible with off-the-shelf Internet of Things (IoT) devices operating under 5G protocols.