EIC strengthens investment in Dronamics with up to €30 million
The EIC STEP, under the European Commission, provides investments of between €10 and €30 million, aiming to leverage private co-investment and achieve financing rounds of €50 to €150 million or more.
The cargo drone airline Dronamics announced that it has been put forward for an equity investment of up to €30 million ($34.7 million) under the European Innovation Council (EIC) Strategic Technologies for Europe Platform (STEP).
Dronamics is already a beneficiary of a €2.5 million grant (approximately $2.86 million as of today) from EIC Accelerator programme, announced in November 2022. The EIC is an equity investor in Dronamics, having supported the company with an investment of €10 million (approximately $11.5 million as of today) in early 2024.
In February 2023, the company raised $40 million (approximately €34.56 million as of today) in pre-Series A funding from venture capital funds and angel investors from 12 countries.
Dronamics designs, builds and operates the only long-range, high payload cargo drones in Europe. According to the EIC evaluation, which includes an independent jury of experts, Dronamics' innovative technology has the potential to generate significant societal and economic benefits, aligning with the European Union’s priorities for economic growth and territorial cohesion.
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.
Svilen Rangelov, Co-Founder and CEO of Dronamics, said, "As the only European company to repeatedly build, test and fly large cargo drones made entirely in Europe, we have proven we can reduce strategic dependencies and strengthen the EU's tech sovereignty. With this decision doubling down on its previous investment in 2024, the EIC is clearly demonstrating Europe’s commitment to taking a proactive role in securing its technological future. It has never been a better time to build a large cargo drone in Europe,”
The EIC STEP, under the European Commission, provides investments of between €10 and €30 million, aiming to leverage private co-investment and achieve financing rounds of €50 to €150 million or more. This addresses the market gap in such financing rounds, which are critical for scaling breakthrough innovations in Europe.
"Dronamics, which produces and operates the only cargo drones made in Europe, is to be awarded up to €30 million, the maximum amount of funding under EIC STEP. The EIC Fund will finalize the investment decision following due diligence," reads the release.
