Saudi Aramco’s venture capital arm  Wa’ed Ventures has branched out into spacetech as part of its plan to invest in high-growth tech startups across multiple sectors.

The $200 million institutional venture capital firm has invested in Luxembourg-based 5G Internet of Things satellite operator OQ Technology as part of a 13 million euro ($13 million) series A funding round, along with Phaistos Investment Fund, managed by 5G Ventures in Greece.

OQ Technology will use the funds to grow its 5G IoT satellite constellation, and acquire more licenses.

Fahad Alidi, Managing Director and CEO at Wa’ed Ventures said the investment part of the company’s mission “to position the Kingdom as the centre of gravity for global tech ventures”.