Pantherun Technologies
Pantherun Technologies is a Bangalore-based fabless semiconductor company developing AI-defined, keyless AES encryption IP and FPGA-based secure networking products for defense, railway, telecom, automotive, and critical infrastructure customers globally.
- Company typePrivate
- Founded2019
- HeadquartersBangalore, India
- Headcount51–100
- GTM typeB2B
- OfferingHardware or Manufacturing
What Pantherun Technologies does
Pantherun Technologies is a fabless semiconductor company founded in 2019 and headquartered in Bangalore, India, that develops real-time, keyless AES encryption technology for defense, railway, telecom, automotive, and critical infrastructure customers globally. The company's core innovation is an AI-defined key obfuscation process that allows both ends of a transmission to independently generate unique encryption keys, eliminating visible key exchange and delivering zero-latency encryption at 10Gbps+ speeds without data format changes; the architecture is implemented on FPGA platforms and includes extensions for post-quantum cryptography and side-channel attack protection. Pantherun monetizes this through licensing of silicon and software encryption IP, sales of ruggedized industrial Ethernet switches (Grace, Agile, Buoyant, and Hunter series carrying EN50155, EN50121-4, MIL-STD-810G, NEMA TS-2, CE, FCC, and IP65/IP67 certifications), SFP+ inline encryption modules (Blaze), IoT gateways (Connect), RTUs (Flex), serial device servers (Stealth), media converters (Leap), and the Pepper open-source FPGA development platform. The go-to-market combines direct enterprise sales to marquee accounts (Deutsche Bahn, Indian Railways, Vodafone Idea, Bharat Electronics, Jaguar Land Rover, Rolls-Royce Engine Controls) with a multi-region VAR and distributor network covering India, Europe, the Middle East, Israel, and Asia-Pacific, supported by wholly-owned subsidiaries Pantherun Inc. (USA) and Pantherun GmbH (Germany). The company has raised $12 million in Series A funding (October 2025) co-led by Sahasrar Capital Investors and Lucky Investment Managers, reports revenue of over $5 million growing from ~$1 million in FY25, and is preparing a $35-40 million Series B round against a disclosed $120 million order pipeline to be executed over 3-4 years.
Pantherun Technologies firmographics
Firmographics- Name
- Pantherun Technologies
- Legal name
- Pantherun Technologies Private Limited
- Website
- https://pantherun.com
- Company type
- Private
- Founded year
- 2019
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Pantherun Technologies is a Bangalore-based fabless semiconductor company developing AI-defined, keyless AES encryption IP and FPGA-based secure networking products for defense, railway, telecom, automotive, and critical infrastructure customers globally.
- Ownership category
- akta.pro rank
Pantherun Technologies industry classification
Industry- Product category
- Network Encryption Hardware
- NAICS
- Other Communications Equipment Manufacturing (334290), Computer Systems Design and Related Services (5415)
- SIC
- Computer Communications Equipment (3576), Services-Computer Integrated Systems Design (7373)
- akta.pro primary industry
- Security & Trusted Hardware ICs (Secure Element/TPM/Crypto) (HDAHABAF)
- akta.pro secondary industries
- Confidential Computing & Hardware-backed Protection (TEE/HSM) (HDADAFAJ), Key Management, Encryption & Secrets Management (KMS/HSM/Vault) (HDABAHAG), Network Security Services (Firewall/VPN/ZTNA/SASE Integration) (BPAEAEAG)
Keywords
Where Pantherun Technologies is headquartered
LocationHeadquarters
- HQ city
- Bangalore
- HQ country
- India
- HQ region
- Asia
Offices4 records
Markets served
Pantherun Technologies business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Technology or R&D, Personnel, Supply Chain, Marketing or Sales, Operations
Revenue model
- IP Licensing and Silicon IP: Pantherun licenses its encryption IP (both chip-based and software-based) to technology companies and product manufacturers. This includes AES encryption IP cores that can be integrated into any chip or product.
- Industrial Networking Products: Sale of rugged industrial Ethernet switches (L2/L3), IoT gateways, RTU solutions, and network encryption modules for railway, defence, industrial automation, and smart city applications.
- Encryption Technology Solutions: Enterprise solutions for secure communications targeting defence, automotive, and critical infrastructure sectors with real-time encryption technology.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| One time/ perpetual license | Multi-year contract | Flexible IP Licensing - Software or Silicon IP |
Go-to-market motion2 records
Distribution channels7 records
Marketing channels7 records
Pantherun Technologies product offering
Product offeringCore offering
Pantherun Technologies develops and sells patent-pending, AI-defined AES encryption intellectual property (available as software IP or silicon IP) that delivers real-time, keyless, zero-latency encryption at 10Gbps+ speeds without altering data formats or requiring visible key exchange, with post-quantum cryptography extensions. The company wraps this encryption technology into FPGA-based industrial networking hardware, including ruggedized managed L2/L3 Ethernet switches (Grace, Agile, Buoyant, Hunter series), SFP+ inline encryption modules (Blaze), serial device servers (Stealth), media converters (Leap), IoT gateways (Connect), RTUs (Flex), Layer 2/L3 IP cores (Lithe), and the Pepper open-source FPGA development platform, targeting defence, railway, telecom, automotive, industrial automation, and SaaS customers.
Product overview
Pantherun Technologies offers a comprehensive cybersecurity and industrial networking portfolio centered on real-time, keyless AES encryption technology. The product portfolio comprises three main pillars: (1) Encryption IP - patent-pending AES encryption technology that operates without key exchange using AI-defined key obfuscation, with post-quantum cryptography extensions; (2) Industrial Ethernet Switches - the Grace, Agile, Buoyant, and Hunter series providing L2/L3 managed switches in 8-28 port configurations with railway (EN50121-4, EN50155) and military (MIL-STD-810G) certifications; and (3) Pepper - an FPGA-based open-source development platform for networking, robotics, and IoT applications with built-in AES encryption and Layer 2/3 switching capabilities. Additional products include IoT gateways (Connect), RTU solutions (Flex), serial device servers (Stealth), media converters (Leap), and SFP+ encryption modules (Blaze). All products are designed for harsh industrial environments with wide temperature ranges and ruggedized enclosures.
Differentiator
Problem solved
Functional benefit
Brands
- Pepper: FPGA-based open-source development platform designed for engineers building networked IoT devices, switches, and routers with built-in AES encryption. Features include Layer 2/L3 switch capabilities, ARM processor, and wireless connectivity options.
- Grace Series
- Buoyant Series
- Hunter Series
- Agile Series
- Lithe
- Stealth
- Blaze
- Connect
- Flex
- Leap
Products and services
- AES Encryption IP Patent-pending real-time AES encryption intellectual property that delivers keyless encryption using AI-defined processes to generate unique encryption keys at both ends of transmission, with no data format change required and extensions for post-quantum cryptography. Available as software IP or silicon IP for licensing to technology companies and product manufacturers.
- Grace Series L2/L3 Industrial Ethernet Switches Managed Gigabit Ethernet switches available in L2 and L3 variants with 8, 12, and 28-port configurations, featuring PoE support, wide temperature operation (-40°C to +75°C), and EN50121-4 railway certification. Designed for industrial automation, smart cities, surveillance, traffic, and railway applications.
- Agile Series L2/L3 Industrial Ethernet Switches 28-port Gigabit managed L2/L3 Ethernet switches in rackmount form factor with up to 24 PoE/PoE+ ports and 720W power budget, supporting stacking for expanded deployments in industrial and enterprise applications.
- Buoyant Series Railway Certified Ethernet Switches Railway-certified managed Gigabit Ethernet switches with IP67 compliance and 110VDC input for railway applications. Features M12 connectors, -40 to 75°C operating temperature, EN50155 certification, and PoE support for on-board surveillance systems.
- Hunter Series Military Gigabit Switches MIL-STD-810G certified managed Gigabit Ethernet switches designed for military applications. Features IP65 housing, AES-based encryption, wide temperature operation (-40°C to +70°C), and PoE support for defense communications.
- Blaze SFP+ Series AES Encryption Module SFP+ inline AES encryptor providing plug-and-play quantum-safe encryption for network infrastructure. Enables real-time encryption at 10Gbps+ speeds without latency for fiber-based network links.
- Stealth Series Serial Device Servers Industrial RS-232/422/485 serial device servers that enable legacy serial devices to connect to Ethernet networks with integrated encryption support for industrial communications.
- Leap Ethernet to Fiber Converters Industrial media converters that convert copper Ethernet to fiber optic connections, supporting 100/1000Mbps speeds for extended network reach in industrial environments.
- Connect Wireless IoT Gateway Configurable IoT gateway supporting wireless connectivity with built-in encryption for industrial IoT deployments, enabling secure data collection and transmission.
- Flex Remote Terminal Unit (RTU) Remote terminal unit solutions with WiFi/4G connectivity and IO capabilities for industrial monitoring and control applications with integrated encryption.
- Lithe Layer 2 IP FPGA-based Layer 2 switching IP core enabling high-performance Ethernet switching functionality in industrial applications, available for licensing and integration into third-party products.
- L2/L3 Network Switch Boards High-performance FPGA-based L2/L3 network switch boards designed for integration into products, providing configurable networking capabilities for OEMs.
- Pepper FPGA Open Source Platform FPGA-based open-source development platform designed for industrial applications. Features built-in AES encryption, Layer 2/3 network switch, ARM processors (Cortex-A76 and A55), 2GB LPDDR4, 5G/4G and Wi-Fi modules, and 3 Gigabit Ethernet ports. Supports robotics, IoT, networking, and edge computing development.
Quantifiable outcome
- 10X harder to breach compared to existing global solutions
- +3 more outcomes
Companies that use Pantherun Technologies
Customer profileNamed customers6 records
Segments6 records
Ideal customer profiles3 records
Pantherun Technologies technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration2 records
AI capability7 records
Feature5 records
Pantherun Technologies partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered core and minor.
- Dynatech Defence TechnologiescorePartnership with Dynatech Defence Technologies to extend Pantherun's reach across defence, critical infrastructure, enterprise segments in India. Dynatech will represent and promote Pantherun's industrial networking and cybersecurity solutions, helping customers evaluate and deploy secure communications technologies.
- Security Warehouse IndiacoreSecurity Warehouse India will represent and promote Pantherun's portfolio while helping customers assess and deploy technologies across critical infrastructure sectors including railway, telecom, industrial IoT, and defence communications.
- RG InformaticsminorPartnership with RG Informatics to increase market coverage across India, extending Pantherun's reach across different industries and regions.
- Rhinexa India Private LimitedcoreStrategic partnership where Rhinexa will represent and promote Pantherun's industrial networking and communication solutions across the Indian market. Rhinexa will focus on customer access to advanced networking, connectivity, and enterprise communication solutions.
- Phoenix TechnologiescoreDistribution agreement for Israel where Phoenix Technologies will leverage its market reach and expertise to serve Israeli customers and industries, expanding Pantherun's market presence and accelerating technology adoption.
- FSID (Foundation for Science, Innovation and Development) at Indian Institute of SciencecoreMoU signed with FSID and Cyberverse Foundation to jointly support early-stage cybersecurity startups in India. Initiative aims to identify, incubate, and support 2-4 early-stage cybersecurity startups starting early 2026, providing technical validation, operational support, market access, regulatory navigation, and access to capital. Goal to position Mysuru as a hub for cyber innovation.
- Cyberverse FoundationcoreJoint partnership with FSID and Cyberverse Foundation to support early-stage cybersecurity startups in India through incubation, technical validation, and market access programs.
- AMD (Altera)coreTechnology partnership with AMD for FPGA platforms. Pantherun participates in FPGA Conference Europe 2026 with AMD, showcasing hardware-accelerated secure networking at 100Gbps using AMD/Intel (Altera) FPGA technology. Pepper platform uses Altera FPGAs.
Scale indicators4 records
Recent moves6 records
Expansion highlights6 records
Pantherun Technologies competitors and assessment
Company assessmentDirect peers
- Crypto4A Technologies: Crypto4A builds quantum-safe HSMs and key management platforms. Directly comparable as a smaller encryption infrastructure vendor targeting critical infrastructure with post-quantum readiness, similar customer profile (defense, government, finance).
- Moxa: Moxa is a major industrial networking vendor offering rugged Ethernet switches, gateways, and serial device servers for rail, marine, and factory automation. Closely comparable product portfolio in industrial Ethernet switching for rail and OT verticals.
- Hirschmann (Belden): Hirschmann, a Belden brand, supplies rugged managed industrial Ethernet switches (including rail-certified products) and network management software. Comparable in railway-certified industrial switches for rail, transport, and critical infrastructure.
- Westermo (Ependion / Beijer Electronics): Westermo specializes in industrial data communications for extreme environments, including rail (EN50155) and trackside (EN50121-4) certified switches. Directly comparable rugged industrial networking for rail and OT verticals.
Broad incumbents
- Rambus: Rambus licenses security IP cores (including AES, cryptography, and hardware root of trust) to chipmakers and OEMs. Directly comparable IP-licensing business model in security silicon, though much larger and broader portfolio.
- Synopsys (DesignWare Security IP): Synopsys is the dominant provider of silicon IP including security/cryptography IP cores (AES, SHA, public key, TRNGs) for SoC designers. Comparable as a competing IP vendor licensing encryption cores into chips, though as part of a much larger EDA portfolio.
- Thales (HSM / CipherTrust): Thales operates the leading HSM business (Luna, payShield) and CipherTrust data security portfolio, addressing key management and encryption across enterprise and government. Comparable as a leading encryption/key management player, particularly for critical infrastructure and defense customers.
- Aruba Networks (HPE): Aruba offers enterprise networking switches with integrated security features (CX series, ClearPass), targeting enterprise and industrial edge. Comparable on secure L2/L3 switching, though focused more on enterprise campus than rail/defense.
Emerging players
- Secure-IC: Secure-IC provides embedded cybersecurity IP (cryptography, secure boot, side-channel protections) and post-quantum-ready solutions. Closely comparable as a security IP specialist with PQ roadmap and similar customer base in critical infrastructure and automotive.
- Crypto Quantique: Crypto Quantique provides quantum-driven security IP for IoT chips and connected devices, including post-quantum cryptography and hardware root-of-trust. Comparable as a smaller security IP vendor with PQ roadmap targeting IoT and edge devices.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights8 records
Customer concentration
Pantherun Technologies social profiles
Digital presencePantherun Technologies compliance and trust
Trust signalCompliance8 records
Pantherun Technologies financial estimates
Financial estimateRevenue estimate
Valuation estimate
Pantherun Technologies leadership team
Management profileNumber of profiles
Profiles3 records
Pantherun Technologies subsidiaries and ownership
Company hierarchySubsidiaries2 records
Pantherun Technologies funding detail
Funding detailFunding overview
Funding rounds3 records
Investors11 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Pantherun Technologies M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Pantherun Technologies
What does Pantherun Technologies do?
Pantherun Technologies develops and sells patent-pending, AI-defined AES encryption intellectual property (available as software IP or silicon IP) that delivers real-time, keyless, zero-latency encryption at 10Gbps+ speeds without altering data formats or requiring visible key exchange, with post-quantum cryptography extensions. The company wraps this encryption technology into FPGA-based industrial networking hardware, including ruggedized managed L2/L3 Ethernet switches (Grace, Agile, Buoyant, Hunter series), SFP+ inline encryption modules (Blaze), serial device servers (Stealth), media converters (Leap), IoT gateways (Connect), RTUs (Flex), Layer 2/L3 IP cores (Lithe), and the Pepper open-source FPGA development platform, targeting defence, railway, telecom, automotive, industrial automation, and SaaS customers.
Is Pantherun Technologies a public or private company?
Pantherun Technologies is a private company. It is classified as venture growth investor backed and is currently operating.
When was Pantherun Technologies founded?
Pantherun Technologies was founded in 2019. It employs 51 to 100 people.
Where is Pantherun Technologies based?
Pantherun Technologies is headquartered in Bangalore, India, in the Asia region.
How does Pantherun Technologies make money?
Three revenue lines are on record. IP Licensing and Silicon IP is the primary driver. The others are industrial Networking Products and encryption Technology Solutions.
Who are Pantherun Technologies's main competitors?
Direct peers on record are Crypto4A Technologies, Moxa, Hirschmann (Belden) and Westermo (Ependion / Beijer Electronics). Broad incumbents are Rambus, Synopsys (DesignWare Security IP), Thales (HSM / CipherTrust) and Aruba Networks (HPE). Emerging players are Secure-IC and Crypto Quantique.
Does Pantherun Technologies have an API?
No public API is recorded for Pantherun Technologies.
What industry is Pantherun Technologies in?
Pantherun Technologies's product category is Network Encryption Hardware. Its primary akta.pro industry code is HDAHABAF, Security & Trusted Hardware ICs (Secure Element/TPM/Crypto), with a secondary code of HDADAFAJ, Confidential Computing & Hardware-backed Protection (TEE/HSM). Its NAICS code is 334290 and its SIC code is 3576.