Bangalore – September 12, 2017. Indian defense technology comes of age via largest private venture investment in the Indian defense industry
Tonbo Imaging secured USD 17 million in capital for its Series B Financing round, in order to scale its growth and dominance as a premier designer and manufacturer of advanced night vision imaging systems for defense, surveillance and transportation safety markets. This Series B round was led by WRV Capital with participation from Qualcomm Ventures, the investment arm of Qualcomm Incorporated, Edelweiss Private Equity and Artiman Ventures. Artiman as Tonbo’s lead investor in Series A continued its participation in the latest round. Veda Corporate Advisors, a leading midmarket firm, was the sole advisor to Tonbo Imaging.
This Series B round is the largest private venture investment in the Indian defense industry, and one of Silicon Valley’s largest investments in defense technologies. Over the past five years, Tonbo’s imaging technology has caused a disruption in the global procurement of military electro-optics systems. With Tonbo’s technology, night vision has become cheaper, easier to integrate and completely unrestricted.
Tonbo Imaging has been a pioneer in computational imaging and machine learning- driven image acquisition. Tonbo’s technology combines fundamental innovations in the image acquisition process along with powerful computer vision algorithms to support superior imaging and scene interpretation for a wide range of applications. Tonbo leverages the computing power of consumer electronics hardware and economies of scale of contract manufacturing to build systems that outperform existing technology in size, weight, power and cost.
Tonbo’s growth has been driven by increased demand from emerging markets that are looking to modernize their aging military equipment. The ability to see better at night, over longer ranges and effectively engage targets, is a much needed and sought-after technology. Tonbo’s products offer these markets the sophistication they need for today’s modern battlefield.
Since its Series A funding from Artiman Ventures in 2012, Tonbo has grown its staff to over 170 highly specialized imaging, machine learning and computer vision engineers located in Bangalore, Palo Alto, Greece, Poland and Singapore. Tonbo’s products are deployed across 25 countries addressing needs spanning surveillance, reconnaissance and targeting across ground, air and naval applications. It counts among its customers, global military forces, Tier I defense and homeland security agencies.
Our goal is to “democratize night vision imaging technology” says Arvind Lakshmikumar, CEO of Tonbo Imaging. While this technology has been military qualified, it has also been built to move into mainstream commercial applications. We are working actively to see large-scale adoption of this technology for vehicle safety and other autonomous operations”.
Financial terms of this deal have not been disclosed.