Dronamics, the world’s first cargo drone airline, announces a funding agreement that reaffirms the European Innovation Council (EIC) commitment towards the company. The EIC will support Dronamics with an equity investment of 10 million euros. Тhis follows from the earlier funding that the EIC had made into Dronamics, a grant for 2.5 million euros under the Accelerator program back in November 2022.
Dronamics Co-Founder and CEO, Svilen Rangelov signed the agreement with the European Commissioner for Innovation, Research, Culture, Education and Youth, Iliana Ivanova at the EIC Summit in Brussels on 19th March. Svilen Rangelov has been invited to become an EIC Ambassador in recognition of his contribution to the EIC and European innovation ecosystem.
The continued support from the EIC demonstrates the potential of the cargo mobility solution Dronamics has developed for the European economy at large, as well as the wider global economy. In fact, this investment shows the commitment the European Commission is making towards supporting innovation in mobility - a sector of strategic importance for Europe. Innovation in mobility contributes to the EU’s competitiveness in transportation on a global scale and plays a significant role in its freedom of movement economy - the freedom of movement of goods being a key pillar.
By supporting Dronamics with this new round of funding, the EIC is demonstrating their belief in the Dronamics vision, its team, and its ability to execute on the ambitions plans it has set out. The funding will be used towards the set up and initiation of commercial operations, expected to commerce as early as this year, once the flight test program is fully completed.
The first market for commercial operations is Greece - a country with more than 300 inhabited islands, where a faster, cheaper, greener air freight solution can make a tremendous difference to local businesses and communities.
Background of EIC funding in Dronamics
Dronamics is a beneficiary of a grant (2.5 million euro) from the European Innovation Council (EIC) Accelerator program, announced in November 2022
The grant process itself took over a year and three selection stages: 1. business and market plan, 2. project and technical plan and 3. interview in front of a jury
Dronamics was selected from nearly 1,000 candidates across the EU as one of the 74 companies to have been awarded funding by the EIC Accelerator program at that round. Only two Bulgarian companies made that round
Furthermore, Dronamics is a founding member of the EU Future Mobility Taskforce, a group of 16 start-up, scale-up and unicorn companies at the forefront of mobility innovation in Europe, who have formed a strategic initiative to advise the EU's leadership in global transport innovation
About Dronamics
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 will 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 proven technology 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, logistics and technology experts. Dronamics is Europe’s first licensed cargo drone airline and the first one to obtain both IATA and ICAO designator codes.
Dronamics is co-funded by the European Union under the prestigious European Innovation Council, Europe’s flagship innovation program.