American VC fund Artiman Ventures invested R34 Cr in Tonbo Imaging, an imaging technology company in India.

Artiman Ventures manages a $750 Mn fund and the recent investment marks its fourth in India after investing in companies like Cellworks, Guavas and Oncostem Diagnostics.

Funds would be utilized for R&D enhancement and team expansion in India, the U.S and Israel.

Tonbo Imaging, earlier known as Serial Innovations India, is the maker of imaging technology that finds use in the defence space and it's technology found way into drones and global armed forces including the U.S Army.

It has offices in Bangalore, Palo Alto and Singapore and is in the process of developing intellectual property for complex environment sensing, analyzing and controlling enabled products (micro-optics, lower power electronics and real-time vision smart cameras among others).

The company began operations in 2007 and counts BAE Systems, Sarnoff Corp., Visteon Corp. and Autoliv Inc. amongst its customers. It currently has 12 employees and 15 patents awaiting approval.

Tonbo's under-construction site lists products under thermal imaging, multi-spectral imaging, aerial vehicle platform and target localization. Last year Mumbai Angels invested R2.2 Cr in the firm.

In July this year, software-integrated hardware maker for automatic defence equipments testing, Indus Teqsite raised around R55 Cr from Oman India Investment Fund and last year Rana Group entered the defence sector by acquiring 26% in Bangalore’s SasMos HET Technologies, maker of interconnection systems (cable harnesses) for application in the defence and aerospace industries.

With India having the third-largest defence procurement budget in Asia, the procurement is estimated to rise to $42 Bn by 2015.

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