OQ Technology, a leader in 5G non-terrestrial network connectivity, has received funding from the European Innovation Council (EIC) Accelerator program. Selected from 1,211 applicants, OQ Technology ranks among the top 71 companies, securing a €2.5M grant and up to €15M in equity financing after a rigorous evaluation process by investors, experts, and entrepreneurs.
This funding will accelerate the company’s efforts to introduce direct-smartphone connectivity across Europe and globally. Additionally, the equity financing will support OQ’s Series-B fundraising campaign, which focuses on the deployment of its second batch of low Earth orbit (LEO) satellites. With no European competitors and five U.S.-based providers already testing beta services, OQ Technology is uniquely positioned to lead Europe’s innovation in this growing field. The global market opportunity for this technology is estimated at over $1 trillion, and OQ’s ongoing studies have paved the way for enhancing its payloads to support these services alongside its existing narrowband solutions.
The EIC Accelerator, part of the European Commission’s strategy to support innovative startups, also provides valuable access to a network of investors, mentors, and partners. This network will bolster OQ Technology’s fundraising efforts, aligning with European initiatives like Horizon Europe, Digital Decade, and Gigabit Infrastructure, and IRIS2 positioning the company as a leader in sustainable innovation. OQ’s work strengthens Europe’s global competitiveness and data sovereignty, contributing to the United Nations' Sustainable Development Goals.
“This prestigious grant empowers us to accelerate our global mission. The EU’s backing demonstrates significant trust and inspires other investors to join our journey. I want to thank our dedicated team, investors like Aramco Waed Ventures, Phaistos Investment Fund, and SES Satellites, and our partner Telefonica for their support. Together, we are set to revolutionize satellite communications and expand 5G non-terrestrial network connectivity worldwide.” - Omar Qaise, CEO of OQ Technology
