LONDON AND SOFIA - 24 November 2022 - Dronamics, the world’s first cargo drone airline with license to operate in Europe, today announced that it has been awarded a €2.5 million grant by the European Commission under the prestigious European Innovation Council (EIC) Accelerator program. The EIC has also expressed a material commitment to support Dronamics’ upcoming Series A round.
The grant will support the development and roll-out of Dronamics’ cargo drone fleet, the deployment of the first droneports in its network as well as operations in Europe.
The European Union is home to millions of people who live in territories that often take days to reach by traditional freight. Dronamics aims to democratize air freight, by enabling affordable, and sustainable same day delivery for businesses and communities everywhere, especially remote and under-served ones.
“We are honored to receive this support from the European Innovation Council, which we see as testament to the impact that cargo drone logistics can have on the European Union economy at large. We will use this grant to establish our European operations and keep bringing innovation to help elevate communities and businesses using breakthroughs in aviation and technology that will revolutionize air cargo mobility”
Svilen Rangelov, Co-Founder and CEO of Dronamics.
Dronamics was selected as one of the few companies to have been awarded funding by the EIC Accelerator program, which had nearly 1,000 candidates.
Dronamics is the world’s first cargo drone airline. Аs a leading developer and operator of large, long-range drones built specifically for cargo, its flagship Black Swan is able to carry 350 kg (770 lb) at a distance of up to 2,500 km (1,550 mi) up to 80% faster, 50% cheaper and with up to 60% lower emissions than alternative modes of transport, including airfreight. This enables same-day shipping over very long distances for a variety of industries: from pharma to food, from e-commerce to spare parts. The company’s fast-growing team includes some of the most experienced aerospace and logistics experts. Dronamics is Europe’s first licensed cargo drone airline and IATA’s first Strategic Partner for drones worldwide.
About the European Innovation Council:
The European Innovation Council (EIC) was established by the European Commission in 2021 following a three year successful pilot phase. It has a mission to identify, develop and scale up breakthrough technologies and disruptive innovation. It has a budget of over €10 billion for the period 2021-2027.
The funding and support is organized into three main funding schemes covering all technology readiness levels: EIC Pathfinder for advanced research to develop the scientific basis to underpin breakthrough technologies; EIC Transition to validate technologies and develop business plans for specific applications; and the EIC Accelerator to support companies (SMEs, start-ups, spin-outs and in exceptional cases small mid-caps) to bring their innovations to market and scale up. The Accelerator provides a combination of grant support and direct equity investments in companies through a dedicated EIC Fund, which also provides a platform for co-investments with other investors.
For all schemes, the direct financial support is augmented with access to a range of Business Acceleration Services.
The strategy and implementation of the EIC is overseen by the EIC Board of twenty individuals from the innovation ecosystem (academia, business, investment, ecosystem builders). The EIC also employs dedicated Programme Managers with high level expertise in their fields, to set the challenges and proactively manage portfolios of projects towards technological breakthroughs.