QQ Technology, a 5G satellite operator company based in Luxembourg has raised $13.1 million in a Series A funding round led by Saudi Aramco venture arm, Wa'ed Ventures and Greece-based Phaistos Investment Fund.
- The fund will be used to grow its 5G satellite constellation, further develop its proprietary technologies and acquire more licenses. The tech company enables fast and real-time data processing in remote and rural areas using small satellites in low Earth orbit (LEO).
- QQ Technology is now expanding into the Middle East, Africa, Asia, South America, and Oceanic. It aims to get more licenses, patent portfolios, and invest in product development.
- It provides satellite-based 5G communications using IoT devices to provide connectivity via LEO. It recently launched its third satellite mission, Tiger-3 on the SpaceX Falcon 9 rideshare mission Transporter 4. It looks to launch more satellites as it grows.
- As part of its growth strategy, QQ Technology will now establish two new subsidiaries, one in Saudi Arabia, as the only 5G network operations centre in the MENA region, and the other in Greece, named QQ Technology Hellas.