February 21, 2023
Dronamics, the world’s first autonomous cargo drone airline, has raised $40 million in pre-series A funding.
The funding round was led by several venture capital funds, including the Strategic Development Fund (SDF), the investment arm of the Tawazun Council, Abu Dhabi, as well as angel investors from 12 countries.
The Bulgarian startup plans to run a “cargo drone airline” using drones built specifically for the purpose and has already attained a license to operate in Europe. The company’s flagship product, the “Black Swan” is reportedly capable of carrying 770 pounds for as many as 1,550 miles up to 80% faster, 50% cheaper and with up to 60% lower emissions than traditional options.
“The investment…is a strong validation of our goal to bring our cargo drone solution to more people and businesses around the world,” said Svilen Rangelov, Dronamics’ CEO. “Their confidence in Dronamics confirms the strength of our business model and we are excited to continue growing and achieving success with the support of our investment partners.”
SDF’s investment in Dronamics comes as part of the company’s plans to create a UAE-based joint venture and expand its operations in the region.
“SDF looks at investing in aerospace and mobility companies that can improve movement of humans and cargo autonomously in a sustainable and cost-effective manner,” said Abdulla Naser Al Jaabari, SDF’s CEO. “When it comes to Dronamics, their economics are very promising and potential users of Dronamics would benefit from quick and efficient cargo deliveries. As one of Dronamics’ latest strategic investors, SDF will be working closely to support the ongoing growth of the company through the UAE and globally.”
The $40 million adds to a $2.7 million grant awarded by the European Commission under the European Innovation Council Accelerator program.
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