Luxembourg has thrown its weight behind OQ Technology, pumping millions into the startup's satellite project. The investment, part of OQ Tech's 30 million euro Series B funding round, aims to boost the tiny country's space industry.
OQ Tech plans to launch 20 more satellites by the end of next year, thanks to this financial shot in the arm. The startup, backed by Saudi oil giant Aramco, wants to improve connectivity for remote devices and even explore linking regular smartphones to its constellation.
The Luxembourg government, teamed up with satellite operator SES, is confident this support will encourage more investors to hop on board. OQ Tech's CEO, Omar Qaise, sees this as a big vote of trust in his company's potential.
But is this just a risky bet on an unproven technology? And what happens if the satellites don't deliver as promised? These are questions investors and customers alike are pondering.
