Dronamics, the world鈥檚 first cargo drone airline with license to operate in Europe, has raised 拢33m ($40m) in pre-Series A funding.
The money has been raised from a mix of venture capital funds and angel investors from 12 countries as the company approaches its upcoming Series A round.
This amount includes funds received from Founders Factory, Speedinvest, SeedBlink, Eleven Capital, and most recently the Strategic Development Fund (SDF), the investment arm of the Tawazun Council, Abu Dhabi, United Arab Emirates.
Dronamics is the world鈥檚 first cargo drone airline. Its flagship Black Swan is able to carry 350kg (770lb) at a distance of up to 2,500 km, up to 80 per cent faster, 50 per cent cheaper and with up to 60 per cent lower emissions than alternative modes of transport, including airfreight.
This enables same-day shipping over very long distances for a variety of industries: from pharma to food, from eCommerce to spare parts.
Svilen Rangelov, co-founder and CEO at Dronamics, said: 鈥淭he investment from SDF, Founders Factory, Speedinvest, and Eleven Capital is a strong validation of our goal to bring our cargo drone solution to more people and businesses around the world.
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“Their confidence in Dronamics confirms the strength of our business model and we are excited to continue growing and achieving success with the support of our investment partners.鈥�
SDF venture capital division鈥檚 investment in Dronamics funding is a step in the creation of a UAE-based joint venture that will expand Dronamics capacity and support the future establishment of Dronamics鈥� operations in the UAE as one of the main hubs for the Middle East and North Africa region.
SDF shall, through the establishment of a manufacturing and operations JV, become a main partner in the UAE-based joint venture with additional significant investment.
Abdulla Naser Al Jaabari, managing director and CEO of SDF, said: 鈥淪DF looks at investing in aerospace and mobility companies that can improve movement of humans and cargo autonomously in a sustainable and cost effective manner.
鈥淲hen it comes to Dronamics, their economics are very promising and potential users of Dronamics would benefit from quick and efficient cargo deliveries.
鈥淎s one of Dronamics鈥� latest strategic investors, SDF will be working closely to support the ongoing growth of the company through the UAE and globally.鈥�
The $40m is in addition to the 鈧�2.5m ($2.7m) grant Dronamics was awarded by the European Commission under the selective deep-tech European Innovation Council (EIC) Accelerator programme, and the EIC鈥檚 material commitment to support Dronamics鈥� Series A round with another 鈧�12.5m ($13.45m) in equity investment.