Stellar secures €9.3M from private investors and public grants, for perfect internet on the move

08 ott 2024 Stellar, Press Release

Bordeaux, October 8, 2024 – Stellar Telecommunications SAS (“Stellar”), the pioneering startup for perfect internet on the move, and world’s first company to seamlessly connect cars and vehicles leveraging all satellite, wi-fi and cellular networks, has successful completed its latest founding round. Stellar’s funding, now amounting to €9.3 million, comes from a combination of strategic investors and major public grants.

This latest fundraising round is led by the Spanish industrial investor Elewit, Redeia's technology innovation platform, together with the Italian institutional investor Primo Ventures through its Primo Space Fund,the Italian holding company Alchimia Investments, and the continuous support from a leading EU car manufacturer. This marks a significant milestone in Stellar’s mission towards bringing its AI-powered SaaS for intelligent network selection STEER® to its automotive, fleets, and networks customers.

In addition to private investments, Stellar has been awarded non-dilutive public instruments from the French Region Nouvelle Aquitaine and from the European Regional Development Fund (ERDF), in recognition of its commitment to technological advancement and its concrete potential to contribute to the regional and European economy. These grants further accelerate the startup’s research and development efforts.

"We are thrilled to have the support of such a prestigious group of investors”, said Damien Garot, Co-founder and CEO of Stellar. "This funding, boosted by the trust of the Region Nouvelle-Aquitaine and the European Union through public grants, will allow us to expand our team of space engineers, machine learning experts, automotive and telco veterans, and to accelerate product development, and to bring our new solutions to the market even faster. Our mission is to ensure that all new vehicles are natively powered by our innovations, so that we can all finally take high-speed internet access for granted."

“Our interest in Stellar’s growth is driven by a central goal: joining forces to achieve universal connectivity. It is an honor to lead this investment round, and we do so with the confidence that Stellar is at the forefront of a technological revolution. Supporting their work represents both a privilege and a fundamental responsibility in our commitment to fostering advancements that transform the way the world connects”, said Silvia Bruno, Director of Elewit.

“We believe Stellar is a crucial addition to our portfolio. The company exemplifies the transformative potential of space and satellite data, offering versatile applications across various Earth-based industries. Its software is yet another confirmation of how space technology can positively influence mainstream sectors, including mobility“, said Matteo Cascinari, General Partner of Primo Space Fund.

“We believe that Stellar's cutting-edge technology is uniquely positioned to scale within an industry that demands innovative solutions to ensure secure and reliable connectivity, addressing a key challenge in the land-mobility sector. We are confident that Stellar's team vision and expertise will play a crucial role in shaping the future of the industry”, said Marcello Tedeschi, Managing Director of Alchimia Investments

Stellar today already operates in 16 countries with offices in France (HQ), Luxembourg and Germany, has secured access to 420 cellular networks and 18 satellite networks, and has – to date - collected over 180 million training data inputs for its AI-based solutions. The company is focused on reaching ambitious commercial goals, with 3x YoY revenue growth planned for the next 3 years. Since its inception, the company has garnered attention for its unique ability to combine the perspectives of the automotive, telecommunications and space sectors, and is now becoming the natural one-stop-shop for any enterprise customer seeking for ubiquitous internet access across any wireless infrastructure.

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