Phaistos Investment Fund, alongside Wa’ed Ventures, has invested in OQ Technology, a Luxembourg-based spacetech firm focused on providing IoT connectivity through innovative satellite technology.

Target Company Overview

Phaistos Investment Fund is pleased to announce its investment in OQ Technology, a cutting-edge spacetech firm based in Luxembourg. This investment is part of OQ Technology's Series A financing round. The company specializes in delivering seamless Internet of Things (IoT) connectivity to underserved regions where traditional terrestrial networks fail to provide coverage, harnessing the capabilities of Low Earth Orbit (LEO) satellites.

As the first operator of 5G IoT, OQ Technology is pioneering a global hybrid communication system that integrates both satellite and terrestrial wireless networks. Their innovative solution will offer continuous connectivity based on 5G standards, utilizing terrestrial hardware and chips, supporting a diverse range of IoT applications across various industries, including environmental monitoring, agriculture, logistics, maritime, smart metering, mining, oil & gas, aviation, and defense.

Industry Overview in Luxembourg

The spacetech industry in Luxembourg is experiencing rapid growth, driven by advancements in satellite technology and increasing global demand for IoT connectivity. As a small yet ambitious nation, Luxembourg has positioned itself as a frontr