IPO-bound Tonbo Imaging raises ₹175 cr in series D funding round

Defence tech startup Tonbo Imaging has raised ₹175 crore in a series D pre-IPO funding round from Florintee Advisors and Export-Import Bank of India (EXIM). Tonbo has raised a total of $44.3 million in five funding rounds from investors like Exim Bank, Florintree, Celesta Capital, Artiman, Qualcomm, Edelweiss, and HBL Engineering, with a current market valuation of $62.5 million, as per Tracxn report.

The funding will accelerate the development of next-generation infrared sensors, commercial deployment of high-power microwave technologies to counter modern battlefield threats and working capital support for global expansion ongoing programs, Tonbo Imaging said in a release.

“This investment enables us to push the boundaries of innovation in infrared imaging and directed energy solutions while scaling our global footprint. Our focus remains on delivering cost-effective, cutting-edge battlefield intelligence and protection systems to modern defense forces worldwide," said Arvind Lakshmikumar, Founder and CEO of Tonbo Imaging.

He said that Tonbo was founded with the vision of democratising access to high-end defense technology. As the modern day battlefield evolves towards nimble, autonomous reconnaissance and targeting systems, the key technologies will be better sensors, low power computer vision and non-conventional munitions, he added.

“We are excited to partner with Arvind and his management team to scale the business and build a global defense tech business out of India," said Mathew Cyriac, Founder of Florintree Capital.

Tonbo plans to file IPO

The funding comes as Tonbo, a company focused on advanced imaging and sensor systems, prepares to file for its initial public offering (IPO).  The company plans to list its shares on the domestic bourses to take advantage of both organic and inorganic opportunities in the fast growing and dynamic C4ISR (command, control, communications, computers, intelligence, surveillance, and reconnaissance) market.

Founded in 2003 by CEO Arvind Lakshmikumar, Ankit Kumar, Cecilia DSouza and Sudeep George, Tonbo operates as a provider of imaging and sensor systems for the military. Its technology and products are designed to address the entire spectrum of needs across land, air and sea. The company builds all the critical components needed – better sensor data, real-time information, closed loop control and complete platforms capable of surveillance, reconnaissance and targeting. It provides unfettered access to this critical suite of technologies to global militaries.

Inspired by nature’s most advanced visual predator, the Dragonfly, Tonbo designs cutting-edge sensing and processing systems that enhance situational awareness, targeting precision, and autonomous battlefield operations. The company claimed that its innovations have played a critical role in major combat missions, including the URI surgical strike, IDF counterinsurgency operations, the modernisation of India’s Arjun Main Battle Tank, Bharat Dynamics’ Anti-Tank Guided Missile (ATGM) program, and multiple active NATO deployments.