Tonbo Imaging, a startup that has partnered with the Indian military and has been valued north of Rs. 400 crore ($ 62 million), has raised Rs 120 crore ($18.4 million) in series –B funding led by WRV Capital along with Qualcomm Ventures and Edelweiss Private Equity. Tonbo Imaging has annual revenue of more than Rs 100 crore ($15.3 million), was founded in 2008 by BITS- Pilani alumni Laksmikumar, and it makes advanced imaging and night- vision systems that are used by the military and commercial applications.
According to CEO Arvind Lakshmikumar, the funds will be spent on scaling up international operations which constitutes of 70% of the revenue and also invest in R&D and product development on commercial business. He added that Tonbo Imaging is also looking to acquire companies with expertise in lasers and photonics.
While for defense, the products are mounted on tanks, drones, and guns to allow night vision over long ranges, whereas in commercial applications the vision system are used in vehicle safety and other autonomous operations. The company is doing pilot projects for Uber and Tesla heads up displays for self-driving cars.
According to Nicholas Brathwaite, Managing Director of WRV Capital said “We will work closely with Tonbo to expand the use of their imaging platform into new market opportunities including surveillance and automotive applications.
This current investment will ensure Ganapathy Subramaniam from WRV Capital and Pranav Parikh from Edelweiss Private Equity will join Tonbo’s board of directors.
About Tonbo Imaging
Tonbo Imaging builds imaging and sensor systems and offers tactical vision products land vision systems for armored vehicles; airborne systems for unmanned and manned aerial vehicles; naval systems; homeland security products; and OEM cores and modules. Its products are supplied to several government agencies such as US Navy SEALs, Peruvian army, BSF, CRPF and are used in battlefields, critical infrastructures, unmanned reconnaissance and transport vehicles. It employs more than 170 highly specialized imaging, machine- learning and computer- vision engineers and is located in Bengaluru, Palo Alto, Greece, Poland and Singapore.