site.btaDronamics Secures EUR 10 Mln under European Innovation Council Fund

The European Innovation Council (EIC) secured another EUR 10 million for the Bulgarian company Dronamics under the EIC Fund for deep tech companies. This is a follow-up to the grant already awarded by the EIC to the drone manufacturer in 2022, Dronamics co-founder and CEO Svilen Rangelov told reporters on Friday during an online press conference.

Rangelov recalled that in 2022 his company was one of the 74 companies selected for support out of over 1,000 applications. He said: "The movement of goods is one of the original principles of the EU and to deliver cargo via drones will allow this process to be easier and more efficient." He added that Dronamics provides the overall infrastructure and cooperates with local partners, thus creating local cargo airlines in the respective countries.

Rangelov said it was an honour to have Dronamics join the EIC Scaling Club, as this is a sign that the company has the potential to become a unicorn and a market leader.

The grant will be invested in Dronamics' commercial operations. The company has built two aircraft, and work is underway on a third cargo drone.

Dronamics plans to start its first commercial flights in Greece within months. Their goal is to connect Athens with the north of Greece and with Greece's islands, which lack suitable airports for large cargo aircraft landings. The upcoming flights in Bulgaria's southern neighbour are seen as the commercial verification of the company's activities.

To ensure the success of its commercial operations in Greece, Dronamics has signed an inter-airline agreement with Qatar Airways. "That is to say that cargo from China and landing in Doha will be carried to Athens by Qatar Airways. We take over from there to the smaller settlements, as they lack infrastructure," Rangelov explained.

Asked by BTA what the successful validation of commercial operations in Greece would mean for Dronamics, Rangelov said the company had signed preliminary contracts with customers, which will secure work for the first few dozen drones. The company has also received letters of intent for hundreds more aircraft.

Dronamics is not considering the idea of entering the field of military aviation. The implementation of artificial intelligence programmes to perform autonomous flights is also missing from the company's agenda.