Dronamics, a Bulgarian autonomous cargo drone manufacturer, has signed a definitive business combination agreement with GP-Act III Acquisition Corp., positioning the company for a Nasdaq listing that values it at approximately €447 million ($500 million).
The transaction will inject roughly $100 million in net cash into the Sofia-based company at closing, providing the capital needed to scale operations significantly. Dronamics, founded in 2014, has previously raised $40 million in funding before this latest milestone.
Scaling Production and Market Expansion
The fresh capital will fund three main strategic priorities for the company. First, Dronamics plans to expand production capacity for its flagship Black Swan cargo drone, a long-range, high-payload aircraft designed for autonomous logistics operations. Second, the funding will accelerate commercial operations, including launching services in the United States and other international markets. Third, the company intends to develop applications across autonomous logistics, national security, geophysical surveying, and natural resources exploration.
Svilen Rangelov, leadership at Dronamics, commented on the significance of the agreement. “The signing of this agreement marks an important milestone in the development of Dronamics. We believe Black Swan can create a new category in autonomous aviation, combining long range, significant payload and cost efficiency across cargo logistics, national security and other strategic applications. The proposed transaction with GPAT and the Nasdaq listing will support our plans to accelerate commercialization, expand manufacturing capacity and launch operations in the U.S. and other markets,” Rangelov said.
Strategic Positioning in Autonomous Aviation
The Black Swan represents a notable entry into the cargo drone sector, targeting a market segment that has attracted increasing investment as companies seek alternatives to traditional logistics infrastructure. By combining extended range capabilities with substantial payload capacity and operational efficiency, the aircraft positions Dronamics to compete in multiple verticals beyond conventional parcel delivery.
The SPAC merger represents a significant step for European deeptech, particularly for Bulgarian startups seeking international capital markets access. The transaction reflects growing investor confidence in autonomous aviation solutions and the commercial viability of long-range cargo drones for diverse applications.
The deal is expected to close in 2022, subject to customary closing conditions and regulatory approvals. Following completion, Dronamics will trade on Nasdaq under a ticker symbol to be determined.
European Deeptech Trends
The Dronamics transaction adds to a growing trend of European deeptech companies utilizing SPAC mergers to access public markets and capital. While traditional venture funding remains robust across the continent, SPAC structures have provided an alternative pathway for hardware-intensive companies requiring substantial capital for manufacturing scale-up and commercialization. The move underscores the increasing maturity of Eastern European tech ecosystems, with Bulgarian companies gaining recognition among global investors for innovation in specialized sectors like autonomous systems and robotics.