Drone battery tech co Dreamfly Innovations raises $1.4 mn in seed funding

Dreamfly Innovations, which provides high power-density battery technology for drones, aviation, and aerospace, has raised $1.4 million (Rs 12 crore) in its seed funding round.

 

In a seed round, a startup raises funds to establish its business. The firm plans to use this fund to scale production capabilities, team expansion and research and development.

 

The funding round was led by Avaana Capital, with participation from Sunicon Ventures and a few other investors. 

 

The global drone market is projected 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 customers span from Tata Advanced Systems (TASL) -- Tata Group’s strategic entity in the Aerospace industry, to Larsen & Toubro Limited (L&T).

 

Other customers include General Aeronautics -- a drone technology company specialising in precision spraying and agriculture and Neosky India Ltd, a wholly-owned subsidiary of RattanIndia Enterprises Ltd. 

 

Founded by Kajal Shah and Saurabh Markandeya in 2022, Dreamfly Innovations combines over a decade-long, dual domain expertise in providing clean energy and mobility solutions. Both Shah and Markandeya are two-time entrepreneurs and alumni of IIT Bombay and IISc respectively. With two patents filed, they are committed to pioneering fire-resistant and efficient thermal battery technologies.

 

Shah said as drones gain traction across sectors such as agriculture, geospatial mapping and logistics, the demand for reliable, high-performance batteries has surged. However, another issue is that drone OEMs (original equipment manufacturers) face significant challenges in adapting to evolving battery technologies, addressing limited lifespans, and resolving safety concerns.

 

“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, said the rise in electrification to combat climate crisis and eliminating fossil fuels in industries such as transportation and agriculture is leading to unprecedented battery demand.

 

“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.