Dronamics secures $40m in funding as it looks to the Middle East
17 / 02 / 2023
Black Swan Drone. Source: Dronamics
Middle-mile drone firm Dronamics has raised $40m in funding that will in part go towards adding a presence in the Middle East.
The pre-Series A funding came from venture capital funds and angel investors from 12 countries, including Founders Factory, Speedinvest, Eleven Capital, and most recently the Strategic Development Fund (SDF), the investment arm of the Tawazun Council, Abu Dhabi, UAE.
Dronamics said the SDF venture capital division’s investment is a step towards the creation of a UAE-based joint venture that will expand Dronamics capacity and support the future establishment of 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..
Svilen Rangelov, co-Founder and chief executive at Dronamics, said: “The 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.
“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.”
Abdulla Naser Al Jaabari, managing director and chief executive of SDF, added: “SDF looks at investing in aerospace and mobility companies that can improve the movement of humans and cargo autonomously in a sustainable and cost-effective manner.
“When it comes to Dronamics, their economics are very promising and potential users of Dronamics would benefit from quick and efficient cargo deliveries.”
The $40m is in addition to the €2.5m grant Dronamics was awarded by the European Commission under the selective deep-tech European Innovation Council (EIC) Accelerator programme, and the EIC’s material commitment to support Dronamics’ Series A round with another €12.5m in equity investment.