EIC STEP provides investment between €10 million and €30 million aiming to leverage private co-investment and achieve financing rounds of €50 million to €150 million or more.
The investment addresses the market gap in financing rounds which are critical to scaling innovation.
Dronamics is to be awarded up to €30 million, the maximum amount of funding under EIC STEP.
The funding will be finalised by the EIC Fund following due diligence.
Svilen Rangelov, Co-Founder and CEO of Dronamics said: “With this decision doubling down on its previous investment in 2024, the EIC is clearly demonstrating Europe’s commitment to taking a proactive role in securing its technological future. It has never been a better time to build a large cargo drone in Europe.”
According to EIC’s evaluation, which includes an independent jury of experts, Dronamic’s cargo drone has the potential to generate significant societal and economic benefits, aligning with the European Union’s priorities for economic growth and territorial cohesion.
Dronamics has already benefited from a €2.5 million grant from the EIC Accelerator programme in November 2022.
The EIC is an equity investor in Dronamics having invested €10 million in the company in early 2024.