Bulgarian cargo airline Dronamics has been awarded up to €30 million in equity investment under the Strategic Technologies for Europe Platform (STEP), an initiative of the European Innovation Council (EIC). This funding aims to support innovations that enhance Europe’s technological leadership and strategic independence.
Based in Sofia, Dronamics designs, manufactures, and operates high-payload cargo drones, making it the only company in Europe to develop such drones entirely on the continent. The EIC selected Dronamics for this investment after an expert evaluation, recognizing the company’s technology as having significant potential for both economic and societal impact.
“Our technology reduces Europe’s dependence on external suppliers and strengthens its tech sovereignty,” said Svilen Rangelov, Co-Founder and CEO of Dronamics. “The EIC’s decision to double its 2024 investment shows Europe’s strong commitment to securing its technological future. This is the perfect time to build large cargo drones in Europe.”
The EIC’s STEP program provides equity investments between €10 million and €30 million to attract private co-investment, aiming to create financing rounds worth between €50 million and €150 million. These rounds are essential for scaling groundbreaking innovations that often face funding challenges in Europe.
Dronamics is set to receive the full €30 million investment, pending due diligence and final approval from the EIC Fund.
Ongoing Support from EIC
This investment continues the EIC’s support for Dronamics, following a €2.5 million grant under the EIC Accelerator program in November 2022 and a €10 million equity investment in early 2024. In addition, Rangelov has been appointed as an EIC Ambassador.
The Black Swan: Transforming Logistics
Dronamics’ flagship cargo drone, the Black Swan, can carry up to 350 kg (770 lb) over distances of up to 2,500 km (1,550 mi). The drone’s long-range capabilities enable same-day delivery for industries such as pharmaceuticals, e-commerce, automotive, and agriculture. Dronamics is also Europe’s first licensed cargo drone airline and a Strategic Partner of IATA for global drone technology.
Leadership in Future Mobility
Dronamics is a founding member of the EU Future Mobility Taskforce, a key group advising the EU on global transport innovation. The company collaborates with 17 private mobility firms across Europe, including startups and unicorns. The Taskforce’s mission is to address critical challenges within the mobility sector.
