CVX Portfolio Company Sternula scores massive deal with Nigeria

Sternula CEO

Aalborg-based tech firm Sternula has recently made headlines with a groundbreaking agreement worth a three-digit million amount with Africa’s most populated nation, Nigeria. The company, known for its innovative satellite technology, has signed a memorandum of understanding that promises to significantly boost Sternula’s revenue over the next five years.

This achievement comes on the heels of 3 successful investment rounds led by CVX Ventures, which closed the third tranche of investments in Sternula, totaling more than 8.8 million DKK. CVX Ventures’ investment not only reflects confidence in Sternula’s technology but also emphasizes the importance of strategic partnerships for the company’s global expansion strategy.

“It’s incredibly important for us. We started with just two people five years ago with a rather ambitious project. Both in Asia and Africa, significant investments are being made in this technology,” says Lars Moltsen, CEO of Sternula.

The company’s journey has been nothing short of remarkable. On January 3, 2023, Sternula made Danish space history when their satellite, developed in collaboration with Aalborg University, was successfully launched into space. This accomplishment marked a major milestone for the company and demonstrated Denmark’s expertise in space technology.

Sternula’s technology represents the second generation of AIS (Automatic Identification System) technology, primarily used for vessel tracking and navigation. The older AIS systems are known to have significant security vulnerabilities, likened to being “as leaky as a sieve.”

“The vulnerabilities in the old systems leave room for hacking, cyberattacks, and spoofing. On the mild end, a vessel might simply turn off its AIS signal. However, on the more severe end, hostile entities could send signals without traceability. We have the solution to these challenges,” explains Sternula’s director.

The company’s success is built on its commitment to developing robust and secure satellite communication solutions. Their collaboration with Aalborg University highlights their commitment to utilizing state-of-the-art research and industry expertise in the field.

Sternula’s progress underscores not just technological innovation but also the potential for collaboration between academia and industry in Denmark’s thriving space sector. With a focus on global expansion and ongoing technological advancements, Sternula is positioned to advance significantly in revolutionizing satellite communication and enhancing maritime and cybersecurity on a global scale.

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