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EIC Backs Dronamics: €10M Investment Secured

Bulgarian cargo innovator, Dronamics, secures a hefty €10 million investment from the European Innovation Council
March 20, 2024

In a significant move towards revolutionizing cargo transportation, Bulgarian cargo airline Dronamics secures a substantial investment of €10 million from the European Innovation Council (EIC). This follows their previous grant of €2.5 million received last February, propelling their pioneering efforts in the field of aerial logistics.

Dronamics stands as the world’s premier cargo drone airline, specializing in large long-range drones tailored specifically for cargo transportation. Their flagship aircraft, the Black Swan, is set to redefine industry standards, boasting the capability to carry 350 kg over distances of up to 2,500 km. Remarkably, it promises to deliver cargo up to 80% faster, at 50% lower cost, and with emissions reduced by up to 60% compared to conventional airfreight methods.

Currently in the midst of rigorous flight testing, the Black Swan anticipates completing this phase within the year. The injection of funds from the EIC will fuel the commercialization phase, with initial flights slated to operate out of Greece.

As a pivotal member of the EU Future Mobility Taskforce, Dronamics has been an integral part of the EIC’s accelerator program since November 2022. Amongst a competitive pool of startups, Dronamics emerged victorious, securing one of 74 grants awarded from over 1000 applicants.

Svilen Rangelov, Co-Founder and CEO of Dronamics, expressed gratitude towards the EIC's endorsement of their vision and team. This investment underscores the European Commission's commitment to fostering innovation in the mobility sector, vital for bolstering Europe's global competitiveness in transportation and facilitating its freedom of movement economy.

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