Dronamics receives new financial injection from the EC

The European Commission has approved Bulgarian company Dronamics for participation in the second group of selected companies under the Strategic Technologies for Europe Platform (STEP), which could provide it with up to €30 million in investment. This is a significant step forward for the start-up, which develops unmanned drones for cargo delivery and aims to revolutionize cargo aviation. The investment, which is part of a total package of up to €90 million for four strategic companies, will support Dronamics in its large-scale expansion.

The specific amount for the Bulgarian company, which will be finalized after a detailed assessment by the EIC Innovation Fund, falls within the range of €10 million to €30 million.

The EIC STEP Scale Up scheme provides these investments to companies with the aim of mobilizing private investment and achieving investment rounds of between €50 million and €150 million or more.

Dronamics: A pioneer in drone cargo logistics

In recent years, Dronamics has established itself as one of the leading innovators in the field of cargo drones. Founded by brothers Svilin and Konstantin Rangelov, the company created the Black Swan, an aircraft capable of carrying up to several hundred kilograms of cargo. In other words, it is like a small delivery van, but it travels through the air and can cover distances of up to 2,500 km on a single charge, with up to 80% lower CO2 emissions compared to alternative methods. The drone flies autonomously and can be controlled remotely.

This technology has the potential to make deliveries faster, cheaper, and more environmentally friendly, especially in remote areas or in emergencies.

Dronamics' path to European funding did not start now. In November 2022, the company received a €2.5 million grant under the EIC Accelerator program. Just a few months later, in March 2024, the European Innovation Council (EIC) confirmed a commitment to invest €10 million in Dronamics through the EIC Fund. The current STEP Scale Up funding is a logical continuation of this support and confirms the company's strategic importance for Europe.

Dronamics' success in attracting European funding highlights the potential of Bulgarian technology companies to compete at an international level. The main hub for the company's development remains in Bulgaria, which means that the country will continue to be the center of its activities. Meanwhile, it has become clear that the plan to launch the long-awaited commercial flights has changed and instead of Greece, they will start from here.

The European STEP program

Approval to participate in the EIC STEP Scale Up program places Dronamics among the four companies selected from 19 applicants. The other approved companies are Classiq Technologies from Israel (quantum software), Multiverse Computing from Spain (quantum technologies and artificial intelligence), and Hyimpulse Technologies from Germany (satellite launch services).

The program has a budget of €300 million for 2025, with a forecast of reaching €900 million for the period 2025-2027. The initiative aims to provide greater investment in companies developing strategic technologies to reduce strategic dependencies and overcome market failures in the financing of technological innovation in Europe.

Dronamics' success in attracting European funding highlights the potential of Bulgarian technology companies to compete internationally. According to CEO Svilin Rangelov, the main hub for Dronamics' development remains in Bulgaria, which means that the country will continue to be the center of the company's activities.

Translated with DeepL.