Dreamfly Innovations, a company specializing in high power-density battery technology for drones, aviation, and aerospace, has raised $1.4 million (Rs 12 crore) in its seed funding round.
A seed round is one in which a startup is in existence and the funding raised would serve to scale production capabilities, add team members, and conduct research and development.
Avaana Capital led the funding round with participation by Sunicon Ventures and a few other investors.
The global drone market is likely to reach $54 billion by 2025.
“India stands to capture a substantial share, potentially reaching $4.2 billion and expanding to $23 billion by 2030,” said Kajal Shah, co-founder and chief executive officer of Dreamfly Innovations, while referring to an EY-FICCI report.
Shah said that India needs to ramp up its drone component manufacturing to cut import.
“The biggest challenge that India faces is the lack of a component ecosystem for drones due to which the domestic manufacturers have to depend on imported materials,” said Shah.
Dreamfly Innovations' current customer base ranges from Tata Advanced Systems (TASL) - Tata Group's strategic entity in the Aerospace industry, to Larsen & Toubro Limited (L&T).
Other clients include General Aeronautics, a drone technology company specializing in precision spraying and agriculture, as well as Neosky India Ltd, a wholly-owned subsidiary of RattanIndia Enterprises Ltd.
Founded in 2022 by Kajal Shah and Saurabh Markandeya, Dreamfly Innovations taps into more than ten years of collective know-how in clean energy and mobility solutions. Serial entrepreneurs, both Shah and Markandeya graduated from IIT Bombay and IISc respectively. Having filed two patents so far, Shah and Markandeya are pioneering fire-resistant, highly efficient thermal battery technologies.
Shah mentioned that as drones become more popular in industries like agriculture, geospatial mapping, and logistics, the demand for dependable, high-performance batteries has soared. However, drone OEMs (original equipment manufacturers) are encountering major challenges in adapting to rapidly advancing battery technologies, tackling limited battery lifespans, and addressing safety issues.
“Dreamfly Innovations is poised to tackle these challenges with patented thermal battery case designs and advanced cell stack innovations, effectively tackling the core concerns of drone developers,” said Shah.
Swapna Gupta, Partner at Avaana Capital, stated that the growing shift towards electrification to address the climate crisis and phase out fossil fuels in sectors like transportation and agriculture is driving an unparalleled demand for batteries.
“Dreamfly’s battery solutions which improve battery life and safety align perfectly with our fund’s ideology of building a low-emission pathway towards development of the drone ecosystem,” said Gupta.
