Dronamics raises $40mn pre-Series A funding
$40 million in addition to €2.5 million ($2.7 million) grant Dronamics was awarded by the European Commission
Dronamics, the world’s first cargo drone airline with licence to operate in Europe, raised $40 million in pre-Series A funding from venture capital funds and angel investors from 12 countries.
"This amount includes funds received from Founders Factory, Speedinvest, Eleven Capital, and most recently the Strategic Development Fund (SDF), the investment arm of the Tawazun Council, Abu Dhabi, United Arab Emirates," says an official release.
Svilen Rangelov, co-Founder and CEO, Dronamics says: “The investment from SDF, Founders Factory, Speedinvest and Eleven Capital is a strong validation of our goal to bring our cargo drone solution to more people and businesses around the world. 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.”
Abdulla Naser Al Jaabari, Managing Director and CEO, SDF adds: “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. 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 is in addition to the €2.5 million ($2.7 million) grant Dronamics was awarded by the European Commission under the selective deep-tech European Innovation Council (EIC) Accelerator programme, and the EIC’s material commitment to support Dronamics’ Series A round with another €12.5 million ($13.45 million) in equity investment, the release added.
Dronamics's 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 percent faster, 50 percent cheaper and with up to 60 percent lower emissions than alternative modes of transport including airfreight, the release said. Dronamics is IATA’s first Strategic partner for drones worldwide, the release added.