Dronamics, “the world’s first cargo drone with a licence to operate in Europe,” recently announced it had raised USD40 million in pre-Series A funding from venture capital funds and angel investors across 12 countries, as the company approaches its upcoming Series A round, reports a press release.
The investment includes funds from Founders Factory, Speedinvest, Eleven Capital, and most recently the Strategic Development Fund (SDF), an investment arm of the United Arab Emirates (UAE) Tawazun Council.
Svilen Rangelov, co-Founder and CEO at Dronamics commented, “The investment is a strong validation of our goal to bring cargo drone delivery to more people and businesses around the world. The confidence shown in Dronamics confirms the strength of our business model.”
Meanwhile, SDF venture capital division’s investment is a step towards the creation of a UAE-based joint venture to increase Dronamics capacity, while supporting the future establishment of the company’s operations in the Emirates and to become a primary hub for the Middle East and North African region.
SDF through the establishment of a manufacturing and operations joint venture (JV), will become a primary Dronamics partner via this additional and significant investment. Abdulla Naser Al Jaabari, Managing Director and CEO of SDF said, “We look at investing in aerospace and mobility companies that can improve movement of humans and cargo autonomously in a sustainable and cost effective manner.”
He continued, “When it comes to Dronamics, their economics are very promising and potential users would benefit from quick and efficient cargo deliveries. As one of its latest strategic investors, SDF will be working closely to support the ongoing growth of the company.”
The USD40 million is in addition to the EUR2.5 million (USD2.7 million) grant Dronamics was awarded by the European Commission under the selective deep-tech European Innovation Council (EIC) Accelerator program, and the EIC’s material commitment to support Dronamics’ Series A round with another EUR12.5 million (USD13.45 million) in equity investment.
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(Top image: Dronamics)