In a decisive move reflecting India’s growing prowess in indigenous defence innovation, Bengaluru-based Tonbo Imaging Series D round attracts INR 175 crore (~USD 21 million). The investment was led by Florintree Advisors, alongside Tenacity Ventures and the Export-Import Bank of India, setting the stage for Tonbo’s anticipated public offering.
Tonbo Imaging Series D Round
Tonbo Imaging Series D round pegs its valuation at INR 1,500 crore, marking a near fourfold increase from its 2017 valuation of INR 400 crore, when it secured USD 17 million (~INR 144 crore) in Series B funding from WRV Capital, Qualcomm Ventures, and Edelweiss Private Equity. With over INR 300 crore already raised from prominent investors including Artiman Ventures, Celesta Capital, and HBL Engineering, this round strengthens Tonbo’s balance sheet ahead of its next growth chapter.
The company has explicitly stated that the fresh funds will be directed towards:
- Product development of next-generation infrared sensors
- Commercial deployment of high-power microwave technologies to address evolving battlefield threats
- Working capital support for its ongoing global expansion
Surveillance Specialist
Founded by Arvind Lakshmikumar, Tonbo Imaging is where optics, artificial intelligence and computer vision meet. The company develops lightweight, autonomous surveillance and targeting systems that work across land, air and sea.
Tonbo’s solutions are designed to enhance battlefield intelligence, improve situational awareness and enable autonomous reconnaissance and targeting operations. With cutting-edge systems for modern warfare, its clients include elite military forces in over 30 countries – US Navy SEALs, Israeli Defense Forces (IDF), NATO allies, Armenian Ministry of Defense, Indian Armed Forces.
Backing and Global Vision
Mathew Cyriac, founder of Florintree Capital, said:
“Tonbo Imaging is the future of defence technology. With its deep expertise in imaging, artificial intelligence and autonomous systems, it’s well-positioned to address global security challenges.”
CEO Arvind Lakshmikumar added:
“This investment will help us push the boundaries of innovation in infrared imaging and directed energy solutions while scaling our global footprint. We will continue to deliver cost-effective, battlefield intelligence and protection systems to modern defence forces worldwide.”
IPO on the Horizon
While the company hasn’t announced a timeline, Tonbo Imaging has confirmed it is filing for its IPO. Given the current funding and global momentum, the market will be watching Tonbo’s moves closely.
Looking Ahead
Tonbo’s rise is a reflection of the broader shift in India’s defence manufacturing ecosystem – from imports to home-grown, dual-use technologies. With battlefield innovation defined by AI, machine vision and energy-directed weapons, Tonbo’s success shows India can export world-class defence products at scale.
As India becomes a hub for next-gen military technologies, companies like Tonbo Imaging will be the bellwethers of the new age defence economy.
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