AngelStar

What AngelStar does

AngelStar Srl is a Mola di Bari, Italy-based company founded in 2017 as a joint venture between MERMEC Group (an Italian rail technology firm with signaling heritage since 1970) and STADLER (a Swiss rolling stock manufacturer). The company designs, develops, and supplies onboard ERTMS signaling and train control products under its GUARDIA product family. Core offerings include GUARDIA ETCS Level 1, Level 2, and L1/L2+STM configurations, all targeting SIL4 — the highest safety integrity level under IEC 61508 — which is mandatory for safety-critical railway onboard systems. The technology interfaces with trackside signaling infrastructure to enable interoperability across European rail corridors and cross-border operations.

The company operates as a B2B enterprise supplier to railway operators and rolling stock manufacturers. To date it has delivered 1,000+ onboard systems across 20 international clients and 6 signaling schemes. Its go-to-market is structurally embedded through its parents: MERMEC provides distribution across 73 countries and signaling engineering heritage, while STADLER offers an OEM channel for new and retrofit rolling stock programs. Revenue mechanics are tied to fleet retrofit cycles and new rolling stock procurement, with unit economics reflecting the high-margin, low-volume nature of safety-critical certified hardware.

The company holds €3,000,000 in share capital and is privately held, part of ANGEL Holding (described as Italy's largest private high-tech holding). Operational maturity is signaled by an extensive certification portfolio covering quality (ISO 9001), environment (14001), occupational health (45001), information security (27001), gender equality (UNI PDR125), and diversity/inclusion (ISO 30415). Headcount sits at 51–100 employees. No public financials, pricing model details, or revenue split are disclosed.

Name

AngelStar

Legal name

ANGELSTAR Srl

Website

https://angelstarcompany.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

51–100 employees

Short description

AngelStar Srl is an Italy-based joint venture between MERMEC Group and STADLER that designs SIL4-certified onboard ERTMS/ETCS signaling products (GUARDIA family) for railway operators and rolling stock manufacturers, with 1,000+ systems installed across 20 international clients.

Ownership category

akta.pro rank

Headquarters

HQ city

Mola Di Bari

HQ country

Italy

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Technology or R&D, Operations, Supply Chain, Infrastructure, Marketing or Sales

Revenue model

1. ERTMS Onboard System Sales: Sale of GUARDIA ETCS hardware and software systems including BTM/LTM antennas, European Vital Computers, and DMI/MMI driver interfaces. Systems are sold to railway operators and rolling stock manufacturers for new train installations or retrofit projects.
2. Installation, Test & Commissioning Services: On-site installation, integration, in-service testing, and system commissioning services provided to final customers. Includes homologation support according to Railway Agency regulations.
3. After-sales Maintenance & Training: Equipment maintenance during warranty and post-warranty periods, as well as training programs for operation and maintenance staff. Provides ongoing recurring service revenue.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

AngelStar designs, develops, manufactures, and supplies ERTMS onboard signaling and train control systems through its SIL4-certified GUARDIA ETCS product family, covering ETCS Level 1, Level 2, and L1/L2+STM configurations for legacy interoperability. The company also provides on-site installation, integration, testing, commissioning, homologation support, after-sales maintenance, and staff training services to railway operators and rolling stock manufacturers worldwide.

Product overview

AngelStar offers ERTMS onboard signaling and control solutions through its GUARDIA ETCS product family. The portfolio consists of three main products: GUARDIA ETCS Level 1 (overlay system using Eurobalise and LEU), GUARDIA ETCS Level 2 (radio-based system using GSM-R and RBC monitoring), and GUARDIA ETCS L1/L2 + STM (designed for lines requiring legacy system interoperability). All products are SIL4-certified train control systems for railway safety applications.

Differentiator

Problem solved

Functional benefit

Brands

• GUARDIA ETCS: SIL4 train control system solutions including Level 1, Level 2, and L1/L2 + STM for legacy systems.
• GUARDIA ETCS Level 1
• GUARDIA ETCS Level 2
• GUARDIA ETCS L1/L2 + STM

Products and services

• GUARDIA ETCS Level 1 SIL4 train control system overlaid onto existing signalling equipment. Uses Eurobalise to pick up signal aspects from trackside signals via Lineside Electronics Unit (LEU), transmitting movement authority and route data at fixed points. The on-board Electronic Vital Computer (EVC) continuously monitors and calculates maximum speed and braking curves. Sold to railway operators and rolling stock manufacturers for new installations and retrofits.
• GUARDIA ETCS Level 2 SIL4 digital radio-based signal and train control system where the Radio Block Centre (RBC) monitors train movements. The on-board EVC controls transferred data and maximum permissible speed. Trains automatically report exact position and direction to RBC at regular intervals. Movement authority is transmitted continuously via GSM-R together with speed information and route data. Sold to railway operators and rolling stock manufacturers.
• GUARDIA ETCS L1/L2 + STM (Legacy system) SIL4 train control system for trains equipped with ETCS running on lines where a national Legacy System needs to be operated. Includes BTM/LTM Antenna for balise energizing and telegram acquisition, European Vital Computer for odometer and application execution, and DMI/MMI interfaces (10" and 8") for driver interaction. Sold to railway operators and rolling stock manufacturers operating mixed ETCS/legacy networks.
• Installation, Test & Commissioning Services On-site installation and integration of GUARDIA ETCS onboard systems, including in-service testing and system commissioning delivered to final customers such as railway operators and rolling stock manufacturers.
• Staff Training & After-sales Maintenance Equipment maintenance during both warranty and post-warranty periods, plus training programs for operation and maintenance staff of railway operators and rolling stock manufacturers.
• Homologation Support Services Expert support to clients during the Railway Agency regulatory approval process for all sub-systems of the rail systems, ensuring SIL4 compliance and market-specific certifications.

Quantifiable outcome

• 1000+ onboard systems installed globally
• +2 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Two partnerships are on record, tiered core.

• MERMEC GroupcoreStrategic or Co-development PartnerAngelStar is a joint venture between MERMEC and STADLER. MERMEC Group is one of the world's leading providers of advanced technologies for railway safety and efficiency, designing wayside and onboard signaling systems, telecommunication networks, and measuring trains. MERMEC's 73-country market presence and decades of signaling expertise provide AngelStar with global distribution reach and technical capabilities. MERMEC is part of ANGEL Holding, Italy's largest private high-tech holding company in transportation, aerospace, and digital mechatronics sectors.
• STADLERcoreStrategic or Co-development PartnerAngelStar is a joint venture between MERMEC and STADLER. STADLER is one of the world's leading rolling stock manufacturers. The partnership provides AngelStar with direct access to train manufacturing customers for factory-fit ETCS equipment installation, while STADLER gains a dedicated, specialized signaling partner for its trains. STADLER's global train manufacturing operations complement MERMEC's signaling technology expertise.

Scale indicators4 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Alstom: Rail signaling prime (Atlas ERTMS) and rolling stock manufacturer. Direct competitor in onboard ETCS and a major OEM customer environment that overlaps with AngelStar's STADLER-driven channel.
• Thales: Provides ERTMS/ETCS on-board and trackside solutions across Europe and international markets. Competes directly with AngelStar for onboard signaling tenders and major rail signaling framework contracts.
• Hitachi Rail: Major global supplier of ETCS onboard and wayside signaling solutions. Closest direct competitor to AngelStar's GUARDIA ETCS onboard portfolio, serving the same European and international rail operators and OEMs.
• AZD Praha: Czech rail signaling company delivering onboard and wayside ETCS/ERTMS solutions across Central and Eastern Europe. Comparable as a specialized player targeting the same onboard signaling niche as AngelStar.
• CAF Signalling: Spanish rolling stock manufacturer with a dedicated signaling division (CAF Signalling) offering AURIGA onboard ETCS solutions. Comparable to AngelStar as a mid-sized train-builder-affiliated onboard signaling specialist.
• Siemens Mobility: One of the largest ETCS onboard signaling suppliers (Trainguard MT), serving European rail operators, train builders, and exporting globally. Competes head-to-head with AngelStar on factory-fit and retrofit tenders.

Emerging players

• Indra: Spanish IT and rail technology company with a growing presence in onboard and wayside signaling for ERTMS deployments. Emerging player pursuing the same onboard signaling niche as AngelStar, particularly in Europe and Latin America.

Broad incumbents

• Mitsubishi Electric: Supplies onboard train control and signaling systems across Asia and Europe as part of a broad industrial electronics portfolio. Comparable technology stack and safety-critical system heritage, though it operates in a wider portfolio.
• CRRC: World's largest rolling stock manufacturer with growing ETCS onboard signaling capability, primarily in China and Belt-and-Road markets. Broad incumbent in rail signaling with expanding overlap with AngelStar's geographic footprint.

Others

• MERMEC: AngelStar's JV parent and a leading provider of wayside signaling, telecom, and diagnostic systems for rail. Direct signaling domain overlap but operates in wayside and adjacent niches; an enabling counterpart rather than a direct onboard competitor.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/angelstar

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about AngelStar