Dronamics gets €10 million in funding from European Innovation Council
Company set for start of commercial operations
Dronamics, the world’s first cargo drone airline, has secured a €10 million equity investment from the European Innovation Council (EIC). This funding round follows an earlier €2.5 million grant awarded to the company in November 2022 under the EIC Accelerator programme.
The agreement was formalised at the EIC Summit in Brussels earlier this year. Svilen Rangelov, Dronamics Co-Founder and CEO, signed the funding deal with Iliana Ivanova, the European Commissioner for Innovation, Research, Culture, Education, and Youth.
In recognition of his contributions to innovation, Rangelov has also been invited to become an EIC Ambassador.
The EIC’s continued support underscores the transformative potential of Dronamics’ cargo mobility solution for the European and global economies.
The investment aligns with the European Commission’s strategic focus on advancing innovation in mobility—a key sector for enhancing the EU’s international competitiveness and ensuring efficient goods movement within the region.
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The new funding will drive Dronamics’ plans to initiate commercial operations later this year following the completion of its flight test programme.
Greece will be the first market to benefit from Dronamics’ innovative service, which promises a faster, more cost-effective, and environmentally friendly air freight solution for the country’s extensive network of over 300 inhabited islands.
Qatar Airways Cargo pact
In late November 2023, Dronamics and Qatar Airways Cargo entered an interline agreement representing the first collaboration between an international airline and a cargo drone service.
The agreement enhances both companies’ delivery networks, significantly expanding their operational reach and accessing previously hard-to-reach locations.
Under the terms of the agreement, Dronamics offers cargo services from its droneports in Greece to Qatar Airways Cargo’s extensive global network, including key destinations such as Singapore, China (including Hong Kong), and the United States (JFK).
Conversely, Qatar Airways Cargo has gained access to remote areas served by Dronamics, including the Greek islands, through the drone network.
Based in Bulgaria, Dronamics specialises in large, long-range drones for cargo transport. Its flagship Black Swan drone can carry 350kg over distances of up to 2,500km, offering a service that is up to 80% faster, 50% cheaper, and 60% lower emissions than traditional airfreight.
The company is recognised for its advanced technology, enables same-day delivery over long distances, and holds IATA and ICAO designator codes. Dronamics is co-funded by the European Union through the EIC, which is part of Europe’s leading innovation initiative.
Featured image: The Black Swan drone can carry 350kg over distances of up to 2,500km. Credit: Dronamics
