The European Innovation Council to invest further in Dronamics under the Strategic Technologies for Europe Platform

Dronamics, the world's first cargo drone airline, announced that it has been put forward for an equity investment of up to €30 million under the European Innovation Council (EIC) Strategic Technologies for Europe Platform (STEP).

Dronamics designs, builds and operates the only long-range, high payload cargo drones in Europe. According to the EIC evaluation, which includes an independent jury of experts, Dronamics innovative technology has the potential to generate significant societal and economic benefits, aligning with the European Union’s priorities for economic growth and territorial cohesion.

"As the only European company to repeatedly build, test and fly large cargo drones made entirely in Europe, we have proven we can reduce strategic dependencies and strengthen the EU's tech sovereignty. With this decision doubling down on its previous investment in 2024, the EIC is clearly demonstrating Europe’s commitment to taking a proactive role in securing its technological future. It has never been a better time to build a large cargo drone in Europe,” - Svilen Rangelov, Co-Founder and CEO of Dronamics.

The EIC STEP, under the European Commission, provides investments of between €10 and €30 million, aiming to leverage private co-investment and achieve financing rounds of €50 to €150 million or more. This addresses the market gap in such financing rounds which are critical for scaling breakthrough innovations in Europe.

Dronamics, who produces and operates the only cargo drones made in Europe, is to be awarded up to €30 million, the maximum amount of funding under EIC STEP. The EIC Fund will finalize the investment decision following due diligence.

Background of EIC funding in Dronamics

- Dronamics is already a beneficiary of a grant (2.5 million euro) from the European Innovation Council (EIC) Accelerator program, announced in November 2022

- The EIC is an equity investor in Dronamics, having supported the company with an investment of 10 million euros in early 2024