Defense technology firm Tonbo Imaging has raised Rs 175 crore (around $21 million) in a Series D funding round from Florintree Advisors, Tenacity Ventures, and the Export-Import Bank of India, as it gears up for a potential listing on Indian stock exchanges.
Founded by Arvind Lakshmikumar, Tonbo Imaging develops advanced imaging systems that enhance situational awareness, enable faster decision-making, and improve autonomy in complex, dynamic environments.
The company said the fresh capital will be used to accelerate development of its next-generation infrared sensors, enable commercial deployment of high-power microwave technologies to tackle modern battlefield threats, and support its ongoing global expansion.
Tonbo has previously raised over Rs 300 crore from investors including WRV Capital, Qualcomm Ventures, and Edelweiss Private Equity.
The latest round comes at a time when India’s nascent deeptech sector—driven by advances in AI, robotics, drones, and other frontier technologies—is facing a peculiar challenge. While early-stage funding has gained momentum, late-stage capital remains hard to come by, limiting the ability of startups to scale and generate returns for investors.
Deeptech startups, which typically have longer gestation periods and require patient capital, often struggle to access traditional exit routes like M&A or secondary sales, common in consumer tech.
Tonbo’s raise is notable against this backdrop. Despite growing interest in deeptech areas like AI and advanced sensors, few Indian startups in the space have been able to close sizeable rounds beyond Series A.
According to Tracxn, early-stage deeptech startups in India raised $529.9 million until December 2024. In contrast, late-stage funding amounted to just $48.6 million, highlighting the sharp capital gap that companies like Tonbo are attempting to navigate.
