Oman’s ITHCA Group, the technology investment branch of the Oman Investment Authority, has invested $20 million (around RO 8 million) in the US-based semiconductor company Movandi.
Movandi, founded in 2016 by siblings Maryam Rofougaran and Reza Rofougaran, is a company that specializes in semiconductors and smart wireless connectivity solutions.
The company creates RF chipsets, beamforming systems, and smart antennas. These technologies are designed to improve the performance of communication networks and lower their costs, both in cities and in remote areas.
This investment fits ITHCA Group’s goal of boosting Oman’s role in important technology sectors, including artificial intelligence (AI), semiconductors, and smart communications infrastructure.
It also supports the goals of Oman Vision 2040, which focuses on developing a knowledge- and technology-based economy.
“We are working with our partners in Oman to build a new generation of communication technologies — including 5G, satellite communications, and fixed wireless access (FWA) — supported by advanced semiconductor innovations,” said Maryam Rofougaran, Co-Founder of Movandi.
Through this partnership, ITHCA plans to share knowledge and build local skills. It also wants to create a connected system to support Oman’s growth in technology and the digital economy.
The investment also focuses on developing next-generation communication technologies, including 5G, satellite communications, and fixed wireless access (FWA), using advanced semiconductor innovations.
“We are working with our partners in Oman to build a new generation of communication technologies — including 5G, satellite communications, and fixed wireless access (FWA) — supported by advanced semiconductor innovations,” said Maryam Rofougaran, Co-Founder of Movandi.
With support from ITHCA Group, Movandi will also open a new office in Muscat. This office will focus on research, development, and regional collaboration in smart communication and artificial intelligence.
Read more- Omnix Medical Secures $25 Million Series C to Fight Drug-Resistant Infections
