New Delhi, Nov. 6 -- Deeptech company Mantra Group, which provides security solutions and access-control products, has raised $14 million (around Rs 124 crore) in its first institutional funding round led by India SME Fund II.
The company said the funds will be used to expand research and development, build intellectual property, and set up a centre of excellence for AI and computer vision. It plans to strengthen its Department of Scientific and Industrial Research (DSIR) approved R&D unit and introduce new products across domestic and overseas markets.
"Our focus remains on scaling [up] our product portfolio and expanding internationally," said Hiren Bhandari, co-founder of Mantra Group. "We already have products deployed in more than 50 countries and a strong presence in India."
Bhavyen Bhandari, co-founder of Mantra Group, said the company's solutions are used in areas such as employee access systems, DigiYatra, and defence ID programmes. He added that Mantra aims to extend its enterprise and airport solutions across more markets, including the Middle East.
Mitin Jain, founder and managing director at India SME Fund II, said, "Mantra has built a solid foundation in biometric and security technologies. We look forward to supporting their next stage of growth."
Founded in 2006, Mantra Group develops biometric sensors, RFID products, access control systems, and other computer vision and AI-based devices. The company's R&D team has secured several US patents.
Mantra claims that it is among the few Indian firms with Standardisation Testing and Quality Certification (STQC)- and FBI-certified biometric sensors and operates an integrated manufacturing and product development ecosystem.
Ambit Private Limited acted as the exclusive financial advisor for the transaction.
Published by HT Digital Content Services with permission from VC Circle.