Movandi raises $40M to enhance connectivity solutions in Middle East

Movandi announced a $40 million funding round led by ITHCA Group to enhance connectivity infrastructure across 5G, Satellite Communications (Satcom), and fixed wireless access. This investment supports the company's expansion into the Middle East and establishes an innovation hub in Oman.

The funding was prominently supported by a $20 million investment from ITHCA Group, which focuses on technology ventures in the MENA region. Additional participation came from Phaistos Investment Fund and notable technology entities including Murata, as well as existing investors such as Cota Capital and Celesta Capital.

Maryam Rofougaran, CEO of Movandi, indicated that this funding represents a critical point in the company's growth, broadening its scope into Satcom and artificial intelligence-driven connectivity. Movandi plans to strengthen its presence by opening an office in Oman, cultivating partnerships within local academic institutions.

ITHCA's investment aligns with Oman's Vision 2040 objective to foster a technology ecosystem focusing on Artificial Intelligence (AI) and related sectors. Said Al Mandhari, ITHCA Group CEO, emphasized the importance of collaborating with global semiconductor firms to enhance local talent and resource utilization.

Movandi's current technologies are positioned to address cost and latency challenges within LEO Constellation (Low Earth Orbit) (LEO) satellite systems and fixed wireless access. The company aims to deliver high-performance solutions characterized by efficiency and compact design.