Dronamics receives grant from the European Innovation Council
The grant will fund the development and deployment of Dronamics' cargo drone fleet.
The European Commission has granted Dronamics a €2.5 million grant under the coveted European Innovation Council (EIC) Accelerator program. The EIC has also stated a financial commitment to Dronamics' future Series A financing.
The grant will fund the development and deployment of Dronamics' cargo drone fleet, as well as the establishment of the company's first droneports and operations throughout Europe.
Millions of people live in the European Union, in places that are typically days away by traditional freight. Dronamics seeks to democratize air freight by making same-day delivery cheap and sustainable for businesses and communities worldwide, particularly in rural and underserved areas.
"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," said Svilen Rangelov, Co-Founder and CEO, 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.