Primo Ventures Invests in Stellar’s Internet Connection

Stellar Telecommunications SAS (“Stellar”) has successfully completed its latest funding round. Stellar’s funding, now amounting to €9.3 million, comes from …
Primo Ventures Invests in Stellar’s Internet Connection
Primo Space Fund
Credit: Primo Space Fund

Ibadan, 9 October 2024. – Stellar Telecommunications SAS (“Stellar”) has successfully completed its latest funding round. Stellar’s funding, now amounting to €9.3 million, comes from a combination of strategic investors and major public grants.

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

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Speaking on the investment, Matteo Cascinari, General Partner of Primo Space Fund, said, “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.”

Likewise, Silvia Bruno, Director of Elewit, commented, “Our interest in Stellar’s growth comes from 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.”

Similarly, Damien Garot, Co-founder and CEO of Stellar said about the successful round, “This funding 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 innovation so that we can all finally take high-speed internet access for granted.”

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