Stella Automotive AI, headquartered in Tampa, has successfully secured £19.7 million in its Series A financing round. The company, specialising in providing artificial intelligence solutions for car dealerships, aims to revolutionise the customer experience by offering an AI-powered virtual assistant similar to popular devices such as “Alexa” or “Siri”.
The funds raised from this financing round will be allocated towards supporting ongoing product development and driving expansion in the market. Rich Sands, CEO of Stella Automotive AI, expressed his enthusiasm over the market’s positive reception of their AI technology, emphasising the company’s commitment to prioritising the needs of car dealers and enhancing dealership efficiency.
The Series A funding round attracted a total of nine new strategic investor groups, including renowned companies such as Reynolds and Reynolds, as well as a selection of prominent dealer investors: Bowers Automotive Group, Flow Automotive, Ford Family Investments, MBB Auto Group, MileOne Autogroup, Mills Automotive Group, OREMOR Automotive Group, Qvale Auto Group, and West Herr Auto Group. Chris Walsh, President of Reynolds and Reynolds, highlighted the potential of AI technology in automotive retail, affirming their decision to invest in Stella Automotive AI.
By securing investments from industry leaders like Reynolds and Reynolds, Stella Automotive AI aims to leverage the expertise and insights of its investors to drive innovation and further enhance its AI solutions for automotive retailing. Relying on the valuable feedback from dealerships, the company seeks to refine its existing products and develop a roadmap for future offerings that cater to the specific needs of dealers.
Presidio Group, which served as the financial advisor to Stella Automotive AI in the Series A financing round, emphasised the benefit of having dealerships as early investors and users of the company’s technology. This strategic partnership enables Stella Automotive AI to receive real-time feedback, allowing for swift improvements to its current product offerings and the development of future solutions that align with the preferences of dealers.
The successful completion of its Series A financing round signifies a milestone for Stella Automotive AI, as it affirms the company’s position as a leading provider of AI technology for automotive retail. With a strong backing from influential investors and strategic partners, Stella Automotive AI is well-positioned to drive positive change in the automotive retail industry and deliver innovative solutions for dealerships nationwide.