Bulgaria's Dronamics Receives EUR 10 Million Boost from European Innovation Council Fund

In an exciting development for the Bulgarian company Dronamics, the European Innovation Council (EIC) has allocated an additional EUR 10 million under its EIC Fund for deep tech companies. This substantial investment follows a previous grant awarded to the drone manufacturer in 2022, as announced by Dronamics co-founder and CEO Svilen Rangelov during a recent online press conference.

Reflecting on the significance of the funding, Rangelov highlighted the pivotal role of Dronamics in revolutionizing cargo transportation. He emphasized that leveraging drone technology to facilitate the movement of goods aligns with the core principles of the EU, fostering easier and more efficient logistics processes. Dronamics aims to establish local cargo airlines in various countries by providing comprehensive infrastructure and collaborating with local partners.

Rangelov expressed pride in Dronamics' inclusion in the prestigious EIC Scaling Club, recognizing the company's potential to achieve unicorn status and emerge as a market leader in the industry.

The newly secured grant will be allocated towards enhancing Dronamics' commercial operations. With two aircraft already constructed and a third in development, the company is poised for expansion and innovation in the unmanned aerial vehicle (UAV) sector.

Dronamics is set to commence its inaugural commercial flights in Greece in the coming months, with plans to connect Athens to northern regions and islands lacking adequate airport facilities. This strategic move serves as a validation of the company's capabilities and marks a significant milestone in its commercial journey.

To ensure the success of its operations in Greece, Dronamics has forged a partnership with Qatar Airways, enabling seamless transportation of cargo from China to Athens via Doha. By capitalizing on existing infrastructure gaps, Dronamics aims to fulfill the logistical needs of smaller settlements inaccessible to traditional cargo aircraft.

Addressing inquiries about the implications of successful operations in Greece, Rangelov revealed promising preliminary contracts with customers and expressed optimism about future demand for Dronamics' drones. The company has received letters of intent for hundreds of additional aircraft, underscoring its growing market presence and potential for expansion.

While Dronamics remains focused on commercial aviation ventures, it has no plans to venture into military aviation or integrate artificial intelligence for autonomous flights at this time.

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