Stellar Telecommunications, a start-up that connects cars and vehicles by exploiting all satellite, wi-fi and cellular networks, announces that it has completed its latest capital increase, bringing the total funds raised to EUR 9.3 million from a combination of strategic investors and public subsidies.
This latest fundraising round is led by Spanish industrial investor Elewit, the technology innovation arm of Redeia, joined by Italian institutional investor Primo Ventures through its Primo Space Fund and Italian investment company Alchimia Investments. This round represents a unique opportunity to accelerate Stellar’s mission: to disseminate its SaaS Steer solution which, also thanks to integration with artificial intelligence, is able to select the best network for moving vehicles.
In addition to private investment, Stellar received non-dilutive public funding from France’s Nouvelle Aquitaine region and the European Regional Development Fund (ERDF) in recognition of its commitment to technological development and the concrete potential it has shown in contributing to the European economy. These grants will further accelerate the company’s research and development efforts.
“We are thrilled to have the support of such a prestigious group of investors,” says Damien Garot, co-founder and CEO of Stellar, in a note. “This funding, along with the confidence of the Nouvelle-Aquitaine Region and the European Union demonstrated through public funding, will allow us to expand our team of space engineers, machine learning experts, automotive and telecommunications industry veterans, and accelerate product development, as well as bring our new solutions to market even faster. Our mission is to ensure that all new vehicles are natively powered by our innovations, so that everyone can finally take high-speed Internet access for granted.”
“Our interest in Stellar’s growth is driven by a primary objective: to join forces to achieve universal connectivity. It is an honour to lead this investment round, and we do so with the confidence that Stellar is a pioneering company capable of leading a technological revolution. Supporting their work is both a privilege and an important responsibility that aligns with our commitment to support efforts that transform the way the world connects,’ says Silvia Bruno, Director of Elewit.
“We believe Stellar is an emblematic addition to our portfolio. It demonstrates the transformative potential of space and satellite data, which offer versatile applications in various terrestrial sectors. Steer, is further confirmation of how space technology can positively influence traditional sectors, including mobility,’ adds Matteo Cascinari, general partner of Primo Space Fund.
“We believe that Stellar’s cutting-edge technology is uniquely positioned to scale in an industry that requires innovative solutions to ensure secure and reliable connectivity, addressing a key challenge in the land mobility sector. We are confident that the vision and experience of Stellar’s team will play a crucial role in shaping the future of the industry,” underlines Marcello Tedeschi, CEO of Alchimia Investments.
Today, Stellar operates in 16 countries with offices in France (headquarters), Luxembourg and Germany and operates through 420 cellular and 18 satellite networks, as well as having collected over 180 million data points to form its artificial intelligence-based solutions. The company is focused on achieving ambitious business goals, aiming for revenue growth of three times current levels over the next three years. Since its inception, the company has attracted attention for its unique ability to combine the perspectives of the automotive industry with those of the telecommunications and space sectors, and is becoming a natural fit for all customers who want seamless access to the Internet via any wireless infrastructure.
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