May 10, 2023 — STELLA Automotive AI, a provider of high-end conversational AI technology, announced yesterday it has closed a seed round of financing.
The round included multiple well-known dealer groups such as Maroone USA, the Pohanka Automotive Group, and Czubay Family Enterprises. Terms of the financing of the seed were not disclosed. However, investors committed promissory notes which typically allow early investors to convert debt into equity in later rounds.
Josselyn Boudett, a long-time serial entrepreneur and expert in the AI field, founded STELLA Automotive in 2021 and introduced it to the automotive retail space in early 2022. Boudett likens STELLA’s multi-intelligent voice assistant software to Amazon’s Alexa or Apple’s Siri solutions.
Using a friendly and natural tone, STELLA helps dealerships handle inbound calls and answer simple questions in a human-like approachable tone. The AI software also can quickly find and book appointments, and send text messages and/or emails to customers or employees.
The Presidio Group LLC, also an investor, has been STELLA’s exclusive financial advisor since last year.
More well-known for being a leader in the dealership buy-sell arena, Presidio has advised on at least six investments or transactions involving automotive retail vendor companies since 2020. A few weeks ago, another one of Presidio’s clients, Spiffy, announced a $30 million Series C raise.