1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator program, part of the European Innovation Council (EIC), is designed to support small and medium-sized enterprises (SMEs) and startups with innovative projects that have the potential for significant market impact. This initiative is particularly focused on deep-tech innovations that address societal challenges. The EIC Accelerator aims to bridge the financing gap for these companies by providing both grant funding and equity investments, enhancing their ability to scale and attract private sector investments.

Funding Structure

The EIC Accelerator offers a dual funding structure comprising grants and equity investments:

Purpose in the European DeepTech and Startup Ecosystem

The EIC Accelerator plays a pivotal role in the European startup ecosystem by fostering innovation and entrepreneurship. It encourages the development of groundbreaking technologies that can lead to economic growth and societal benefits. By offering financial support, the EIC Accelerator helps startups overcome the initial funding hurdles that often impede growth, thereby facilitating a more robust innovation landscape.

Additionally, the program aims to create a bridge to private sector funding, enhancing the capacity of companies to attract further investments. By validating projects through its rigorous selection process, the EIC Accelerator increases the credibility of startups in the eyes of private investors.

Company Profile: CELERWAY

CELERWAY, based in Norway, is an EIC Accelerator winner that successfully submitted its project proposal for "Celerway GO mini" on October 6, 2021. The project aims to revolutionize mobile and remote office networking by providing a compact, efficient solution that enhances connectivity for users on the go.

Project Overview: Celerway GO mini

Celerway GO mini is designed to serve as a portable office network, enabling users to maintain reliable connectivity regardless of their location. This project addresses the growing need for seamless mobile networking solutions, especially in an increasingly remote work environment.

Technology Background

Celerway's technology focuses on optimizing network performance and reliability, particularly in environments with unstable connectivity. The Celerway GO mini utilizes advanced algorithms to manage multiple network connections simultaneously, ensuring that users experience uninterrupted internet access.

Core Features

Conclusion

The EIC Accelerator program is instrumental in nurturing innovative startups like CELERWAY. By providing a combination of grant funding and equity investments, the program not only helps companies like CELERWAY GO mini to develop groundbreaking technologies but also enhances their ability to scale and attract private funding. This symbiotic relationship between innovation and financial support is vital for the growth of the European deep-tech ecosystem, ultimately driving economic development and societal advancement.

2 The Funding Rounds

Celerway Communication AS: Funding Overview Since EIC Accelerator Award (October 2021)

Financing Raised

Since being awarded the EIC Accelerator funding in October 2021, Celerway Communication AS has continued to attract private investment. The company's total tracked investments amount to approximately $6.17 million USD as of early 2024.

Funding Rounds

Celerway has completed multiple funding rounds following its EIC Accelerator win:

• In September 2022, the company raised NOK 19.1 million (about $2.13 million USD). Investors in this round included Ivar Arnesen, Petter Fornæss, and Futurum Ventures.
• In a separate round prior to this, Celerway secured NOK 15 million from Wiski, Ivar Arnesen, and Petter Fornæss; this likely occurred in late 2020 or early 2021 but is referenced as part of their recent financing trajectory.

Timing and Amounts of Rounds

Date	Amount Raised	Investors
Sept. 2022	NOK 19.1M (~$2.13M)	Ivar Arnesen, Petter Fornæss, Futurum Ventures
~Early/Mid-2021	NOK 15M	Wiski, Ivar Arnesen, Petter Fornæss

The aggregate recorded investments since their EIC award are consistent with these figures when converted to USD.

Investor Information

Key investors participating in these rounds include:

• Ivar Arnesen
• Petter Fornæss
• Futurum Ventures
• Wiski

These investors are mainly Norwegian business angels and venture firms with experience backing technology-driven hardware/software startups.

Other Funding Information

Celerway’s most recent funding round is categorized under "Other Investors" on industry trackers like CB Insights—signaling participation by a mix of angels or non-institutional backers rather than large VC funds at this stage. No evidence suggests significant institutional Series A/B/C venture rounds post-EIC award.

Company Valuation

No public disclosures specifically state Celerway’s valuation for its latest rounds; however, given typical Nordic startup multiples for hardware/software companies at similar stages and the size of their fundraising events ($6M+ total), valuations likely range from several million up to low tens-of-millions USD—a standard range for B2B connectivity platform providers pre-Series B.

Exit Events (IPO/Buyout/Acquisition)

As of April 23rd, 2025:

• There is no record that Celerway has undergone an IPO.
• There have been no announced acquisitions or buyouts involving the company.

Celerway remains an independent private entity headquartered in Oslo.

---

Sources

• Celerway raises NOK19.1m—Round Details & Investors
• Total Investments & Investor List
• Prior Round: Celerway secures NOK15m
• CB Insights Company Profile

3 The Press Releases

Celerway Communication AS: Enhancing Connectivity Since EIC Accelerator Funding

Celerway Communication AS, based in Norway, has been a recipient of the EIC Accelerator funding since October 6, 2021. Since then, the company has been at the forefront of innovative connectivity solutions, especially in the realm of edge computing and mobile-first strategies.

Partnerships and Collaborations

• MIMO Connect Partnership: Celerway has collaborated with MIMO Connect, a yacht connectivity specialist, to provide superyacht owners with optimal internet connectivity through a 5G router capable of operating on multiple networks simultaneously.
• Wired Broadcast: Celerway has worked with Wired Broadcast to enhance connectivity for modern journalists, particularly at events like IBC 2022.
• Telecom26: Together with Telecom26, Celerway offers a single turnkey solution for secure global 5G and 4G/LTE connectivity, ensuring cost-effective and optimized network selection.

Technology Advancements

• 5G Routers: Celerway's flagship product, the Arcus 5G router, provides unparalleled connectivity speed, uptime, and cybersecurity. It supports up to seven WAN connections, with three being cellular, and offers load-balanced connectivity across various networks.
• CelerwayOS: The company's lightweight and low-overhead operating system supports multiple cellular connections, ensuring seamless and secure connectivity with features like WireGuard.
• Celerway GO: This compact, battery-operated dual-modem router is ideal for frontline workers, such as journalists and airline staff, offering reliable connectivity even in challenging environments.

Team Updates

Hubert Da Costa: Da Costa joined Celerway as Chief Revenue Officer, bringing extensive experience in edge networking and international business development. He previously held positions at Cradlepoint, Cybera, and Zebra Technologies.

Awards and Recognition

EIC Accelerator Program: Celerway was selected by the European Innovation Council as one of the most innovative companies in Europe, participating in the EIC's Accelerator program.

Press Releases and Updates

Celerway regularly publishes articles and press releases on its website, focusing on advancements in connectivity technology, partnership announcements, and the company's role in solving edge computing challenges. Recent updates highlight Celerway's mobile-first approach, its solutions for remote work, and its participation in major industry events.

Sources

• Celerway Articles
• GO Wherever the Story Takes You - Celerway
• Bridging connectivity gaps on the frontlines - Celerway
• A remote work router for all seasons: Celerway keeps an ultra-mobile executive team connected and productive during a pandemic
• How Celerway's solving challenges in the connectivity market
• Celerway
• Celerway Solutions—Wireless WAN
• Voyager IP puts the Celerway ARCUS 5G to the test
• British-Norwegian technology partnership provides superyachts with secure super-speed internet

4 The Technology Advancements

Current Capabilities of Celerway Communication AS

Celerway Communication AS, based in Oslo, Norway, is a leading provider of advanced mobile-first connectivity solutions. Their platform enables seamless integration and management of multiple wireless and wired connections, ensuring high-performance, secure connectivity across various networks. Key features include:

• Multi-Network Aggregation: Celerway's technology allows for the simultaneous use of multiple networks, ensuring continuous connectivity by automatically switching between the best available networks.
• Load Balancing and Failover: The company's solutions provide intelligent load balancing and failover mechanisms, maximizing network uptime and performance.
• Security Features: CelerwayOS includes robust security features, such as WireGuard VPN, ensuring secure data transmission.

Advancements Since EIC Accelerator Funding

Since receiving the EIC Accelerator funding in October 2021, Celerway has focused on enhancing its mobile-first platform to tackle challenges in the connectivity market. Key advancements include:

• Enhancing Edge Computing Solutions: Celerway continues to improve its solutions for edge computing, providing businesses with secure and agile connectivity at the edge.
• Partnerships and Collaborations: The company has formed partnerships, such as with Blue Wireless, to offer compact and secure mobile connectivity solutions like Celerway GO. This partnership extends reliable connectivity to field and frontline professionals globally.
• Demonstration of Technology: Celerway's solutions have been successfully demonstrated in various sectors, including maritime and superyacht industries, where their routers significantly improved connectivity performance.

New Features and Demonstrations

Celerway has introduced new features and demonstrated its technology through various deployments:

• Celerway GO: This compact, battery-powered router provides enterprise-grade secure connectivity for mobile workers, simplifying remote management and deployment.
• CelerwayOS Enhancements: The platform continues to evolve with features like Phantom, which optimizes network quality and speed by balancing traffic across multiple networks.

Patents and Scientific Studies

There is no specific information available on new patents filed or scientific studies published by Celerway since receiving the EIC Accelerator funding. However, the company remains focused on innovative connectivity solutions, leveraging its partnerships and technological advancements to enhance network performance and security.

Sources

• Celerway: Flawless Connectivity Anytime, Anywhere
• How Celerway's solving challenges in the connectivity market
• Celerway About
• Connecting through the air | Capacity Media
• Flawless connectivity anywhere, anytime - CelerwayOS
• Celerway Articles
• British-Norwegian technology partnership provides superyachts with secure super-speed internet
• Celerway | Trusted Internet Connection | Benefits
• Powerful and Compact Mobile Connectivity Solution by Blue Wireless

5 The Partnerships and Customers

Celerway Communication AS, a Norwegian connectivity solutions provider and EIC Accelerator winner (2021), has strategically expanded its partnerships and customer base to strengthen its position in global markets. The company focuses on delivering secure, high-performance connectivity across industries like maritime, media, and enterprise mobility through technology collaborations and client engagements.

Partnerships & Customers
Key collaborators include Telecom26, offering bundled 5G/4G solutions for optimized global connectivity, Wired Broadcast, enhancing media production with seamless cellular bonding for remote broadcasting, and MIMO Connect, delivering high-speed internet solutions for superyachts alongside maritime use cases. Oppetid AS reported a 400% bandwidth improvement using Celerway’s Arcus routers in hybrid electric vessels, while Techstep deployed Celerway’s portable GO routers to enable remote productivity for executive teams across Scandinavia.

Market Positioning & Growth
By aligning with telecom leaders and specialized integrators, Celerway reinforces its role as an enabler of edge networking applications—particularly in mobile-first environments. Partnerships with firms like Belkins (lead generation) support expansion into new geographic markets, including North America and Asia-Pacific. These relationships advance Celerway’s multi-WAN technology adoption while scaling deployment of its cloud-managed CelerwayOS platform.

Technology Advancements & Scaling Impact
Collaborations drive innovation in containerized edge computing and low-latency 5G applications. For instance:

• Maritime sector: Integration with Oppetid demonstrates how simultaneous cellular-satellite bonding addresses bandwidth demands in IoT-heavy environments.
• Remote work: Techstep’s deployment highlights GO routers’ ability to maintain enterprise-grade VPN security (WireGuard/IPSec) in ultra-mobile scenarios.

Certifications such as ISO 27001 (2024) further validate Celerway’s security posture for large-scale deployments.

---

Sources

• Celerway: Flawless Connectivity Anytime
• Partner Application - Celerway
• MWC Barcelona Exhibitors - CELERWAY
• Superyacht Connectivity Partnership
• Remote Work Router Case Study
• Belkins Lead Generation Campaign

6 The Hiring and Company Growth

Celerway Communication, a Norwegian company specializing in mobile-first networking solutions, has experienced notable growth and strategic team development since receiving the EIC Accelerator funding in October 2021.

Team Growth and Current Headcount

• As of recent publicly available data, Celerway’s team size is reported to be between 11 and 50 employees. This indicates a small but growing organization typical for technology scale-ups.
• The company is currently experiencing rapid growth fueled by innovation in edge connectivity and mobile networking solutions.

Hiring Activity and Key Recent Appointments

• Celerway has made key hires to support its expansion. A significant recent addition is Hubert Da Costa, who joined as Chief Revenue Officer (CRO) in April 2023. Da Costa brings extensive experience from leadership roles at Cradlepoint, Cybera, and Zebra Technologies.
• Marianne Styrman serves as Chief Operating Officer (COO), playing a pivotal role in strategy, management, scaling efforts, and board governance. Her leadership background spans startups to large corporations with expertise that supports organizational excellence during this phase of growth.
• While specific current open positions are not explicitly listed in the search results for Celerway Communications itself, the company’s active expansion suggests ongoing recruitment aligned with their growth objectives. Their focus on scaling implies hiring across sales execution (led by CRO), operations (COO-led), engineering teams for product development, and possibly customer support roles.

Growth Trajectory

• Revenue figures show strong upward trends: from under €1 million annually before 2021 to about €2.2 million by 2023 with double-digit percentage revenue growth year-on-year following their EIC Accelerator engagement.
• The appointment of senior executives like Hubert Da Costa indicates deliberate scaling efforts targeting sales strategy refinement and market expansion—critical factors for accelerating revenue beyond early-stage levels.

Impact of New Team Members on Future Growth

• The addition of an experienced CRO supports enhanced go-to-market strategies enabling better execution on business development that can drive international customer acquisition.
• COO Marianne Styrman’s role emphasizes operational excellence vital for managing scale sustainably while maintaining innovation momentum.
• Collectively these leadership hires enable Celerway to capitalize on emerging opportunities such as expanding into healthcare sectors alongside existing markets like transportation, retail, emergency services where mobility solutions are critical.

Management or Founding Team Changes

No indication was found suggesting changes among founding members; rather new senior management appointments complement the existing structure aiming at professionalizing operations during rapid scale-up phases.

---

Summary

Since winning EIC Accelerator funding in October 2021:

• Celerway has grown steadily both financially and organizationally.
• Its current team size ranges between approximately 11 to 50 employees.
• Strategic hires include a new Chief Revenue Officer focused on sales growth (Hubert Da Costa) along with strong operational leadership under COO Marianne Styrman.
• These additions bolster capabilities needed to expand market reach internationally while developing outcome-based connectivity solutions tailored toward enterprise customers across multiple verticals including healthcare.

This focused talent infusion is positioning Celerway well for scalable future growth supported by strengthened commercial execution capacity alongside continued product innovation.

---

Sources:

Celerway company info - Opportunity Austin
Celerway profile - CB Insights
Celerway interview & insights - Mobile Magazine
CRO Appointment & Company Overview - LeadIQ
COO Spotlight Interview - SheCanCode

7 The Media Features and Publications

Celerway Communication AS, a Norwegian company, has been making significant strides in the field of mobile connectivity since receiving the EIC Accelerator funding in October 2021. Founded in 2012, Celerway specializes in harnessing the full potential of cellular networks to provide seamless and high-performance connectivity solutions.

Media Features and Publications

Celerway has been featured in various publications for its innovative approach to mobile connectivity. For instance, the company's technology has been highlighted for its ability to bridge connectivity gaps, particularly in sectors like media and broadcasting, aviation, emergency services, and more. Celerway's solutions have been recognized for their reliability and performance in challenging environments, such as maritime and transportation sectors.

Content from Publications

Publications often discuss Celerway's advanced networking solutions, which enable the integration of multiple wireless and wired connections to create robust network connections. This is especially beneficial for businesses seeking enhanced security and reliability, even in areas with variable network conditions. The company's flagship products, such as the Arcus router, offer high-performance connectivity with features like extended voltage and temperature tolerance, making them ideal for rugged environments.

Podcasts and Interviews

There are no specific mentions of Celerway Communication AS participating in podcasts or interviews. However, the company's growth and strategic developments have been led by key personnel like Hubert Da Costa, who joined as Chief Revenue Officer to drive sales and strategy.

Conference and Fair Participation

Celerway Communication AS actively participates in industry events. For example, the company exhibited at IBC2022 in partnership with Wired Broadcast, showcasing its cutting-edge connectivity solutions. Additionally, Celerway is listed as an exhibitor at MWC Barcelona, where it highlights its multi-WAN solutions for maximizing 5G performance at the edge.

Involvement in Events

Celerway's involvement in events is centered around showcasing its advanced connectivity solutions. It partners with other companies to provide comprehensive networking solutions that are both secure and high-performing. The company's participation in such events underscores its commitment to innovation and customer engagement in the connectivity market.

Sources:

• Celerway: Flawless Connectivity Anytime, Anywhere
• Bridging connectivity gaps on the frontlines - Celerway
• Celerway | Trusted Internet Connection | Benefits
• Celerway Communication AS - MWC Barcelona
• Celerway Solutions for Transportation
• How Celerway's solving challenges in the connectivity market
• Lead Generation for Mobile Network Optimization Solutions