Defence start-up Tonbo Imaging raises $17 million
New Delhi: Tonbo Imaging, a Palo Alto- and Bengaluru-based defence technologies start-up, on Monday said it has raised $17 million in series B financing led by WRV Capital. Qualcomm Ventures and Edelweiss Private Equity also participated in the funding round.
Tonbo, a supplier of advanced night-vision imaging systems to global military forces and defence agencies, will use the funds towards scaling up its technology and product offering.
A part of the capital may also be used for strategic acquisitions in specialized areas like lasers, the company said.
“Based on our experience in building and investing in imaging businesses globally, we believe that Tonbo is very well positioned for rapid growth in both military and commercial markets,” said Nicholas Brathwaite, managing director at WRV Capital, a San Francisco-based growth investor.
Tonbo offers a suite of solutions for military surveillance, infrastructure security and transportation safety. Its imaging products and intellectual property cores are licensed to original equipment manufacturers and systems integrators to create finished equipment.
Tonbo was founded by Arvind Lakshmikumar in 2012. The same year it raised investment from Artiman Ventures.
Since then, the company has grown to 170 employees—mostly specialized engineers—across offices in Bengaluru, Palo Alto, Greece, Poland and Singapore. Its growth is driven by increased demand from emerging markets that are looking to modernize their aging military equipment, the company said.
Veda Corporate Advisors advised Tonbo on the deal.