Tonbo Imaging, a Bengaluru-based defence technology startup that partners with the Indian military, has announced that it has raised Rs 120 crore in its Series B funding round, led by WRV Capital.
Along with WRV Capital, Qualcomm Ventures and Edelweiss Private Equity has also participated in the company’s latest funding round.
The funding will be used by the company towards scaling up its technology and product offering. A significant amount of funding will be used for strategic acquisitions in specialised areas like lasers.
Arvind Lakshmikumar, chief executive officer of the company, said,
We plan to spend the funds on scaling up our international operations, which constitutes 70% of our revenue, and invest in R&D and product development on commercial businesses. We are (also) looking at acquiring companies with expertise in lasers and photonics, and are in discussion with a few firms worldwide.
Nicholas Brathwaite, managing director at WRV Capital, 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. We will work closely with Tonbo to expand the use of their imaging platform into new market opportunities including surveillance and automotive applications.
Tonbo was founded by Arvind Lakshmikumar in the year 2012. The company makes advanced imaging and night-vision systems that are used for military and commercial applications.
Apart from defence, the company also caters to commercial applications. It has been doing pilot projects with Uber and Tesla for heads-up displays in self-driving cars.
Since its foundation, the company has grown to 170 employees across offices in Bengaluru, Palo Alto, Greece, Poland and Singapore.