VCs invest $17m in Indian night vision company
Tonbo Imaging, an Indian night vision technology specialist serving the defense, surveillance and transportation safety markets, has received $17 million in Series B funding led by US-based WRV Capital.
Additional participation came from Qualcomm Ventures, Edelweiss Private Equity, and Series A backer Artiman Ventures. In 2015, the company claimed to be worth about $200 million and forecast annual revenue of $26 million.
According to a statement, it is the largest private venture investment in the Indian defense industry, and one of the largest defense technology investments made by a Silicon Valley VC. The fresh capital will be used to expand into global defense markets, accelerate product developments including automation and pursue acquisition opportunities in areas such as lasers and photonics.
Founded in 2012, Tonbo manufactures a range of military electro-optic systems with an aim to make night vision cheaper and easier to operationally integrate. The company has a staff of more than 170 computer vision and machine learning specialists and a product portfolio deployed across 25 countries. It targets increased demand from emerging markets that are looking to modernize their aging military equipment.
“With its differentiated and patented imaging technology, Tonbo is uniquely positioned to emerge as a strong leader in this rapidly growing segment worldwide, with a wide range of applications across the defense, industrial and automotive sectors,” said Pranav Parikh, head of private equity and venture capital at Edelweiss.
WRV formed out of a partnership between Walden International and Riverwood Capital in 2013. It focuses largely on hardware and electronics, with previous Indian investments including robotics company IdeaForge and integrated circuit products developer Aura Semiconductor.
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