Dronamics, a London, UK- based cargo drone airline with license to operate in Europe, raised a total of $40m in pre-Series A funding.
Backers included Founders Factory, Speedinvest, Eleven Capital, and the Strategic Development Fund (SDF), the investment arm of the Tawazun Council, Abu Dhabi, United Arab Emirates.
Led by Svilen Rangelov, co-Founder and CEO, Dronamics Dronamics is a cargo drone airline and developer and operator of large, long-range drones built specifically for cargo. 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. This enables same-day shipping over very long distances for a variety of industries: from pharma to food, from e-commerce to spare parts.
SDF venture capital division’s investment in Dronamics funding is a step in the creation of a UAE-based joint venture that will expand Dronamics capacity and support the future establishment of Dronamics’ operations in the UAE as one of the main hubs for the Middle East and North Africa region. SDF shall, through the establishment of a manufacturing and operations JV, become a main partner in the UAE-based joint venture with additional significant investment.
The $40m is in addition to the €2.5m ($2.7m) grant Dronamics was awarded by the European Commission under the selective deep-tech European Innovation Council (EIC) Accelerator program, and the EIC’s material commitment to support Dronamics’ Series A round with another €12.5m ($13.45m) in equity investment.
FinSMEs
17/02/2023