1 The EIC Accelerator Project

EIC Accelerator Program Overview

The European Innovation Council (EIC) Accelerator program is a critical funding initiative designed to support innovative small and medium-sized enterprises (SMEs) and startups across Europe. Launched under the Horizon Europe framework, the program aims to facilitate the commercialization of groundbreaking technologies and innovations, particularly in the DeepTech sector. The EIC Accelerator provides funding through a combination of grants and equity investments, enabling businesses to scale their operations and enhance their market competitiveness.

Funding Structure

The EIC Accelerator funding is structured as a blended finance model, combining grants and equity investments.

Purpose and Role in the Ecosystem

The EIC Accelerator plays a significant role in the European DeepTech and startup ecosystem by providing necessary resources and support for high-risk, high-reward projects. It aims to bridge the gap between innovation and market readiness, ensuring that promising technologies do not get stalled due to lack of funding. By encouraging public-private partnerships, the EIC Accelerator helps startups attract additional funding from private investors, thereby enhancing their growth potential and market competitiveness.

The program also fosters collaboration among various stakeholders in the innovation landscape, including research institutions, industry leaders, and investors. This holistic approach not only accelerates the development of innovative solutions but also strengthens the European economy by promoting job creation and technological advancement.

DRONAMICS Ltd. and the Dronamics Project

Company Overview: DRONAMICS Ltd., based in Bulgaria, is a pioneering company focused on revolutionizing air cargo logistics through the development of the first European cargo drone airline. The company aims to provide efficient, cost-effective, and environmentally friendly air transport solutions, addressing the growing demands of the logistics industry.

Project Acronym: Dronamics

Funding Application: DRONAMICS submitted their Step 2 proposal for the EIC Accelerator on March 23, 2022, and subsequently secured funding through a comprehensive interview process in Step 3.

Technology Basics and Background

DRONAMICS is at the forefront of leveraging drone technology for cargo transportation. The core of their innovation lies in the development of a proprietary cargo drone, which is designed to carry substantial payloads over considerable distances. This technology aims to disrupt traditional logistics models by offering an alternative that is not only faster but also more sustainable.

The drone employs advanced aerodynamic designs and lightweight materials, enabling it to operate efficiently at a fraction of the cost of conventional air freight options. With a focus on reducing carbon emissions and operational costs, DRONAMICS is positioned to cater to the increasing demand for rapid delivery services, especially in remote or underserved areas.

The company's operational model includes the establishment of a network of drone ports, facilitating seamless logistics operations. By integrating smart technology and data analytics, DRONAMICS aims to optimize routing, enhance delivery accuracy, and improve overall supply chain efficiency.

In summary, the EIC Accelerator program serves as a vital resource for innovative companies like DRONAMICS Ltd. By providing significant financial support through grants and equity investments, the program empowers these companies to scale their operations and make impactful contributions to their respective industries. Through the Dronamics project, DRONAMICS is poised to transform air cargo logistics, leveraging cutting-edge technology to meet the evolving needs of the marketplace.

2 The Funding Rounds

Financing Raised and Funding Rounds

Since Dronamics Ltd. from Bulgaria received EIC Accelerator funding in March 2022, the company has completed several significant funding rounds:

• February 17, 2023: Pre-Series A / Seed VC II Round
• Amount: $40 million
• Investors: Venture capital funds and angel investors from 12 countries participated, including Founders Factory, Speedinvest, SeedBlink, Eleven Capital (Bulgaria), and the Strategic Development Fund (SDF) of Abu Dhabi.
• Purpose: This round was positioned as a prelude to an upcoming Series A round and included a strategic partnership with SDF to facilitate Dronamics’ expansion into the UAE through a joint venture for manufacturing and operations.
• November 2022: EIC Accelerator Grant
• Amount: €2.5 million (~$2.7 million)
• Provided by: European Innovation Council (EIC)
• Nature: Non-dilutive grant awarded after a competitive multi-stage selection process; announced publicly in November but tied to their successful Step Two application on March 23, 2022.
• March/April 2024: Early VC/Series A Round – EIC Fund
• Amount: €10 million (~$10.8–10.9 million)
• Confirmed by multiple sources as both an equity investment (€10M) and reported with minor variations due to currency fluctuations ($10.8M or $10.9M).
• Some reports aggregate this round with earlier grant funding for totals around €12–12.5M.
• Valuation at time of this round was approximately $200 million.
• Lead Investor(s): European Innovation Council Fund; Eleven Ventures also noted in some reports.
• Purpose: Funds allocated towards launching commercial flight operations—starting in Greece—and scaling up production following successful flight tests.

Additional Historical Funding

Previous rounds before the major post-EIC events include:

• Angel investments (December 2021).
• Seed VC (April & September/October dates referenced between Dealroom & CB Insights).

Total disclosed funding since inception is variously reported between $56–83 million across all rounds; most recent credible totals since early/mid–2023 are approximately $56–57 million over nine rounds. The discrepancy typically reflects how grants are counted or bundled.

Investor Information

Key investors/funds participating since the EIC award include:

• Speedinvest
• Eleven Capital/Ventures
• Founders Factory
• SeedBlink
• Strategic Development Fund (Tawazun Council/UAE)
• European Innovation Council Fund/EU Commission

The involvement of government-related funds like SDF underscores Dronamics' international ambitions beyond Europe.

Company Valuation

Dronamics’ latest publicly reported valuation stands at roughly $200 million as of March/April 2024—following their Series A/Early VC round led by the EIC Fund. This represents significant growth from earlier valuations.

Exit Events

As of April 24th, 2025: There have been no public exit events such as IPOs or acquisitions involving Dronamics Ltd. The company remains privately held and continues its rapid scaling phase focused on commercializing its cargo drone technology in Europe and MENA regions.

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Sources

Dronamics raises $40 million in pre-Series A funding European Innovation Council backs Dronamics with funding The Largest Funding Rounds in H1 2024 for Bulgaria Drone innovation: Dronamics secures $10.8m in funding Dronamics company information – Dealroom.co DRONAMICS Funding Information | Wellfound

3 The Press Releases

Overview of DRONAMICS Ltd.

DRONAMICS Ltd., based in Bulgaria, is a pioneering company in the cargo drone industry. Since receiving the EIC Accelerator funding in March 2022, DRONAMICS has made significant strides in developing its technology and expanding its operations.

Partnerships and Collaborations

• Qatar Airways Cargo: DRONAMICS signed the world's first cargo drone interline agreement with Qatar Airways Cargo. This partnership marks a significant milestone in integrating drone technology into mainstream cargo operations.
• Aramex: DRONAMICS partnered with Aramex to enhance global cargo drone deliveries, emphasizing efficiency and sustainability.
• Hellenic Post (ELTA): An agreement was signed for the first postal cargo drone deliveries in Greece, marking an important step in integrating drone technology into postal services.
• Emirates Post Group: A Letter of Intent was signed to explore the prospects of implementing same-day cargo delivery using drones, focusing on enhancing logistics efficiency.
• FlightSafety International: DRONAMICS partnered with FlightSafety International to enhance safety standards through advanced training programs for remote pilots and engineers.
• Cranfield Aerospace Solutions: Collaborating on integrating hydrogen fuel-cell technology into the Black Swan drone to achieve zero-emission operations.

Technology Advancements

• Black Swan Drone: DRONAMICS' flagship drone, capable of carrying 350 kg over distances up to 2,500 km, offers significant reductions in time, cost, and carbon emissions compared to traditional airfreight methods.
• Droneports: The company has identified five European airports to serve as bases for its drone operations, focusing on middle-mile delivery services.
• Hydrogen Fuel-Cell Technology: In partnership with Cranfield Aerospace Solutions, DRONAMICS aims to integrate hydrogen fuel cells into the Black Swan to achieve zero emissions.

Team Updates

• Kym Anquetil: Appointed as General Manager for Australia, expanding DRONAMICS' global presence.
• Paul Morton: Joined as Chief Financial Officer, preparing the company for its first commercial flights and a Series B funding round.
• Ruth Sawers: Hired as Director of Operations, based in Malta, to lead European operations ahead of commercial launch.
• Pete MacIntyre: Appointed as Chief Legal Officer, bringing experience from leading tech companies to support global expansion.
• Robert Harnan: Joined as Director of Supply Chain and External Manufacturing, leveraging his experience in complex project management at Rolls-Royce to scale up drone manufacturing.

Certifications and Recognition

• CarbonNeutral Certification: DRONAMICS achieved CarbonNeutral certification, demonstrating its commitment to reducing emissions through operational efficiency and renewable energy.
• IATA and ICAO Designator Codes: Received the designation as the world's first cargo drone airline with both IATA and ICAO codes, solidifying its position in the aviation industry.

Press Releases and Blog Posts

While specific blog posts are not detailed, DRONAMICS regularly updates its newsroom with press releases highlighting partnerships, technological advancements, and team updates. The company emphasizes its role as a leader in the cargo drone industry, focusing on sustainability and efficiency.

Sources:

• Newsroom - Dronamics
• Media - Dronamics
• Emirates Post Group signs LOI with Dronamics
• Dronamics and Cranfield Aerospace Solutions to develop hydrogen fuel-cell technology
• Dronamics steps up safety with new partnership
• Dronamics appoints two new figures to its management team
• Dronamics Becomes the World's First Cargo Drone Airline with IATA and ICAO Designator Codes

4 The Technology Advancements

Current Capabilities of Dronamics Ltd.

Dronamics Ltd., a pioneering cargo drone airline based in Bulgaria, has made significant advancements since receiving the EIC Accelerator funding. The company is renowned for its innovative Black Swan cargo drone, which offers a unique solution for middle-mile logistics. This fixed-wing drone can carry up to 350 kilograms of cargo over a range of 2,500 kilometers, making it an efficient tool for connecting remote and underserved communities across Europe and beyond.

Advancements Since EIC Funding

Since securing the EIC funding, Dronamics has achieved several milestones:

• First Flight of the Black Swan: In May 2023, the Black Swan successfully completed its first flight, marking a significant step towards commercial operations.
• Partnership with Qatar Airways Cargo: Dronamics signed the world's first cargo drone interline agreement with Qatar Airways Cargo, expanding its network and enabling seamless cargo transport across a broader geographical area.
• Funding from the European Innovation Council (EIC): In addition to the initial grant, Dronamics received a further equity investment of 10 million euros from the EIC in March 2023, demonstrating confidence in its innovative cargo mobility solutions.

Technology Improvements and Demonstrations

Dronamics has continuously improved its technology, focusing on operational efficiency and environmental sustainability. The Black Swan drone offers substantial environmental benefits by reducing emissions by up to 60% compared to traditional cargo transport methods. The company has demonstrated its technology through various pilot operations and plans to launch commercial flights soon, with Greece being the initial market.

New Features and Market Presence

Dronamics has enhanced its operational capabilities by establishing a network of droneports and implementing fully mobile control and cargo handling systems. This comprehensive approach streamlines logistics processes, providing a seamless experience for clients. The company is also exploring manufacturing expansions through a joint venture with the UAE’s Strategic Development Fund to meet global demand for the Black Swan drones.

Patents and Scientific Studies

There is no specific information available regarding new patents filed or scientific studies published by Dronamics since receiving the EIC funding. However, the company's continuous innovation and advancements in drone technology indicate ongoing research and development efforts to improve its offerings.

Sources:

• Dronamics: World's First Cargo Drone Airline
• Dronamics Cargo Drone Takes First Flight
• Dronamics and Qatar Airways Cargo Sign Agreement
• Sky high – Europe's first drone cargo airline
• SeedBlink Offers Exclusive Opportunity to Invest in Dronamics
• European Innovation Council backs Dronamics with funding
• Dronamics, Bulgaria's first drone airline
• Strategic Development Fund and Dronamics Announce Agreement
• How R&D Tax Relief Supports the World's First Cargo Drone Airline

5 The Partnerships and Customers

DRONAMICS Ltd. Overview and Partnerships

DRONAMICS Ltd., a pioneering cargo drone airline based in Bulgaria, has made significant strides in the logistics and air cargo sectors. Since receiving the EIC Accelerator funding in March 2022, the company has established itself as a key player in the industry by forging strategic partnerships and expanding its operations globally.

Partnerships and Customers

DRONAMICS has aligned itself with several major entities to enhance its capabilities and reach:

• Qatar Airways Cargo: In November 2023, DRONAMICS signed the world's first cargo drone interline agreement with Qatar Airways Cargo. This partnership allows DRONAMICS to offer cargo services from its droneports, initially in Greece, to Qatar Airways Cargo's extensive network, including destinations like Singapore, China, Hong Kong, and the United States. Conversely, Qatar Airways Cargo can access remote locations served by DRONAMICS, such as the Greek islands.
• Strategic Development Fund (SDF): DRONAMICS and SDF announced a joint venture at the Dubai Airshow 2023 to establish a manufacturing facility for the Black Swan cargo drone in the UAE. This partnership aims to leverage the UAE's logistics ecosystem and infrastructure to produce drones on a large scale, enhancing DRONAMICS' global delivery capabilities.
• Aramex: Also at the Dubai Airshow 2023, DRONAMICS partnered with Aramex, a leading logistics firm based in the UAE. This collaboration will integrate DRONAMICS' drone technology into Aramex's operations, enabling rapid and cost-effective deliveries.
• Hellmann Worldwide Logistics, Hellenic Post (ELTA), and Emirates Post Group: DRONAMICS has secured partnerships with these organizations for commercial operations. Hellmann Worldwide Logistics, a German logistics company, Hellenic Post (ELTA), and Emirates Post Group (UAE) are among its launch customers.

New Relationships and Market Positioning

These partnerships significantly enhance DRONAMICS' market position by expanding its operational reach and technological capabilities:

• Global Expansion: By partnering with Qatar Airways Cargo, DRONAMICS can now offer services to a broader global network, accessing markets previously hard to reach with traditional air freight.
• Technological Advancements: The joint venture with SDF will lead to large-scale production of the Black Swan drone, which is crucial for meeting global demand and supporting technological advancements in drone manufacturing.
• Market Positioning: DRONAMICS is positioned as a pioneer in the cargo drone industry, offering same-day delivery capabilities and enhancing logistics efficiency, particularly in remote areas. The partnership with Aramex further solidifies its role in mid-mile and long-range deliveries.

Scaling and Technology Advancements

DRONAMICS is poised to scale its operations rapidly through these partnerships:

• Large-Scale Production: The manufacturing joint venture with SDF will enable DRONAMICS to produce its Black Swan drones on a large scale, supporting its expansion plans and meeting growing demand.
• Technological Integration: Partnering with Aramex and other logistics companies allows DRONAMICS to integrate its drone technology into existing logistical systems, advancing the efficiency and reliability of deliveries.
• Innovation in Sustainable Propulsion: DRONAMICS is also exploring the use of hydrogen fuel cell propulsion systems, which could further enhance its sustainability profile and technological leadership in the drone industry.

Sources: - Dronamics and Qatar Airways Cargo Sign World's First Cargo Drone Interline Agreement

• Dronamics Gears Up for Commercial Launch with Chief Revenue Officer Appointment
• Strategic Development Fund and Dronamics Announce Agreement to Create a Manufacturing Joint Venture for the Black Swan Cargo Drone at Dubai Airshow 2023
• Dronamics Signs Deals on Production and Operations at Dubai Airshow
• Dronamics and Qatar Airways Cargo Sign Interline Agreement

6 The Hiring and Company Growth

Dronamics Ltd.: Team Growth and Hiring

Since receiving the EIC Accelerator funding in March 2022, Dronamics Ltd., a Bulgarian company, has continued to grow and expand its team significantly.

Current Headcount and Team Size: Dronamics has a team size of around 180+ professionals, with 150 employees specifically mentioned in recent reports. The company has a diverse team representing over 17 nationalities.

Hiring and Team Growth: Dronamics is actively hiring to support its mission of democratizing cargo aviation. The company's fast-growing team includes experienced aerospace, logistics, and technology experts. There is no specific information available on key positions recently hired, but the focus is on expanding its team to meet the demands of its innovative cargo drone airline operations.

Growth and Scaling: The addition of new team members is crucial for Dronamics as it continues to scale and grow. With its team of experts, the company aims to revolutionize the freight industry by offering a more efficient, cost-effective, and sustainable solution for cargo transportation. The new team members will play a vital role in further developing and implementing Dronamics' cutting-edge technology, enabling same-day delivery over long distances for various industries.

Management and Founding Team Changes: There is no specific information available regarding major changes in the management or founding team of Dronamics since receiving the EIC Accelerator funding.

Future Prospects

The growth of Dronamics' team is integral to its mission to transform the logistics industry. As the company expands its operations and develops its network of droneports and mobile control systems, the new team members will be essential in ensuring that Dronamics can effectively meet market demands and maintain its position as a pioneer in cargo drone technology.

Sources:

• Dronamics: World's First Cargo Drone Airline
• DRONAMICS Growth Club
• About Us - Dronamics
• How R&D Tax Relief Supports the World's First Cargo Drone Airline
• SeedBlink Offers Exclusive Opportunity to Invest in Dronamics

7 The Media Features and Publications

Dronamics Ltd., a Bulgarian company and winner of the EIC Accelerator funding in March 2022, has garnered significant media attention and industry recognition for pioneering the world’s first cargo drone airline. Since receiving EIC support, Dronamics has featured prominently in various publications, podcasts, and events reflecting its innovation in cargo drone technology.

Media Features and Publications

Dronamics maintains an active media presence through its official website newsroom and media kit resources that provide journalists with information about the company’s milestones, partnerships, and leadership changes. Notable coverage includes:

• The successful first flight of their flagship Black Swan cargo drone reported by Newswire Canada highlighting the company's progress toward future delivery models.
• Extensive reporting by Air Cargo News on Dronamics’ strategic funding rounds totaling $40 million aimed at expanding presence in regions like the Middle East. Articles also cover key management appointments and European Commission grants supporting their roll-out plans.
• Aviation International News detailed Dronamics' plans to manufacture drones in the UAE alongside partnerships with major logistics players like Aramex, Emirates Post Group, and Qatar Airways Cargo to enable same-day express deliveries via drones.
• Coverage by The Recursive emphasized Dronamics securing a €10 million investment from EIC after an earlier €2.5 million grant. It noted their commercial launch preparations primarily targeting Greece's complex island geography for efficient cargo delivery as well as their role as founding members of the EU Future Mobility Taskforce.

Podcasts & Interviews

The CEO & Co-Founder Svilen Rangelov has participated in interviews sharing insights into Dronamics’ vision:

• On DroneTalks (YouTube), Rangelov discussed how they aim to realize same-day shipping globally using drones with cost-effective & eco-friendly operations including integration challenges within existing airports infrastructure.
• A detailed podcast episode on tech.eu featured Svilen Rangelov outlining their journey from concept to commercialization including plans for market entry beyond Europe such as UAE, Australia, UK along with challenges faced scaling up operations.

Conference Participation & Events

Dronamics actively engages in industry events showcasing innovations:

• They signed a letter of intent at Dubai Airshow 2023 formalizing cooperation with Aramex for deploying Black Swan cargo drones within UAE logistics networks which was captured both visually and via press releases indicating strategic expansion efforts into Middle East markets.
• As part of EU mobility initiatives they participate within the EU Future Mobility Taskforce collaborating across 17 private mobility companies addressing transport innovation challenges across Europe.

Summary

Since winning EIC Accelerator funding on March 23rd, 2022, Bulgarian startup Dronamics Ltd. has become a leader in autonomous cargo air logistics through extensive media exposure across aviation news outlets; key interviews given by CEO Svilen Rangelov; participation at major airshows such as Dubai Airshow; involvement with European Union mobility policy taskforces; and strategic partnerships enabling commercial launches notably starting from Greece extending into Middle Eastern markets.

These activities underline how EIC backing supported accelerating development phases culminating now towards operational scale-up focused on transforming middle-mile delivery worldwide using large-range unmanned aircraft systems.

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Sources:

• Media - Dronamics
• Newsroom - Dronamics
• Dronamics Cargo Drone Takes First Flight - Newswire.ca
• All articles tagged 'Dromantics' - Air Cargo News
• DroneTalks | Interview with Svilen Rangelov - YouTube
• Tech.eu Podcast Interview | Svilen Rangelov CEO of Dranomics - YouTube
• After €10M From EIC Dranomics Prepares Commercial Launch In Greece - The Recursive

-Dranomics Plans To Manufacture And Fly Cargo Drones In The UAE – AIN Online