Dreamfly Innovations has secured $1.4 million (INR 12 crore) in a seed funding round led by Avaana Capital, with participation from Sunicon Ventures and other existing investors. The funding is intended to support the company’s efforts to scale production, expand its team, and advance research and development in battery technology for drones, aviation, and aerospace.
Founded in 2022 by Kajal Shah and Saurabh Markandeya, Dreamfly Innovations develops high-power-density battery solutions. The company has filed two patents related to fire-resistant and efficient thermal battery technologies. Its current clientele includes Tata Advanced Systems Ltd. (TASL), Larsen & Toubro (L&T), General Aeronautics, and Neosky India Ltd., a subsidiary of RattanIndia Enterprises Ltd.
According to Shah, co-founder and CEO of Dreamfly Innovations, India’s drone market is projected to reach $4.2 billion by 2025 and expand to $23 billion by 2030, as per an EY-FICCI report. Shah noted that the domestic drone industry faces challenges due to reliance on imported components, and there is a growing demand for reliable, high-performance battery solutions.
The company’s battery technologies focus on reducing operating temperatures by up to 20°C through thermal case designs, lowering fire risks and enhancing reliability. Lightweight cell stack designs improve electrical efficiency while reducing drone weight. The company has also developed sub-zero temperature batteries designed for high-altitude applications, capable of operating efficiently at temperatures as low as -30°C. Additionally, Dreamfly has introduced a non-explosive, high-performance graphene-based battery specifically for agricultural drones.
Under its EIONIC brand, Dreamfly Innovations offers smart drone batteries for applications such as agriculture, terrain mapping, surveillance, and logistics. The company aims to contribute to reducing dependency on imported batteries by developing domestic alternatives.
Swapna Gupta, Partner at Avaana Capital, stated that the increasing electrification of industries such as transportation and agriculture is driving demand for advanced battery solutions. She highlighted that Dreamfly’s technology aligns with the firm’s investment focus on climate and sustainability-focused innovations.
Dreamfly Innovations is headquartered in Bengaluru and specializes in advanced battery solutions utilizing lithium-based chemistries, graphene, and supercapacitors.
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