Bengaluru-based deeptech startup Pantherun Technologies is stepping into a sharper and more demanding phase of its growth story. After building its early presence around encryption for surveillance systems, the company is now pushing deeper into railway signalling, metro collision-prevention networks and 5G telecom infrastructure.

The move places Pantherun in sectors where data does not simply need to be protected. It has to move fast, travel across long distances and remain reliable in real time. That is where the startup believes its encryption technology can play a larger role.

Founder and CEO Srinivas Shekar said the company is now working in signalling networks where railways need to carry large volumes of data across the entire railway system. The company has built an order pipeline of nearly $120 million, expected to be executed over the next three to four years.

From Securing Video Feeds to Railway Signalling

Founded in 2019 by Srinivas Shekar and Taiwanese co-founder Tiffany Chan, Pantherun builds encryption and communication technologies for telecom, railways, defence, automotive and industrial systems.

The startup initially focused on securing video surveillance data in railways and defence projects. That work now appears to have opened the door to larger infrastructure use cases, particularly in railways and metro systems.

In metro rail networks, Pantherun’s technology is being used to help secure communication networks involved in collision-prevention systems. The company is also working on railway communication networks in Europe and the US, including projects with rail communication system integrator Actia Rail.

This is a significant shift in the company’s positioning. Pantherun is no longer only offering encryption around surveillance. It is moving into the communication layer of infrastructure systems where sensors, control systems and trains exchange information in real time.

The Speed Problem Pantherun Is Trying to Solve

Encryption often comes with a performance cost. The more securely data is processed, the greater the risk of slowing communication. In sectors like railways, telecom and industrial automation, even minor delays can affect system performance.

Pantherun says its core technology allows data to be encrypted without reducing network speeds. Shekar explained that normal encryption can slow communication because it takes additional processing time.

Pantherun’s approach, he said, processes the network packet in the course of how it is supposed to be processed, while also encrypting it.

That technical promise is central to Pantherun’s expansion. The company is trying to take encryption into places where security cannot come at the expense of speed.

5G, Automotive and Industrial Safety in Focus

Beyond railways, Pantherun is in discussions with top telecom and mobile phone companies for encrypted communication stacks used in 5G base stations and telecom infrastructure.

The automotive sector is also part of its growth plan. Jaguar Land Rover and Rolls-Royce Engine Controls are integrating Pantherun’s encryption technology into connected vehicle systems.

The startup has also entered industrial safety networks, where machine sensors exchange operational data in real time to reduce risks in automated industrial environments.

These segments give Pantherun a wider playbook. Railways offer long-distance signalling and safety networks. Telecom offers high-speed communication infrastructure. Automotive and industrial systems bring connected machines and real-time sensor data into the picture.

Global Revenue Mix and Team Expansion

Pantherun has grown from around 30 employees earlier to more than 80 employees across India, Taiwan, Europe and the US.

Europe currently contributes around 40 percent of the company’s revenue, while North America accounts for 30 percent, according to Shekar.

The company serves clients including Deutsche Bahn, Indian Railways, Vodafone Idea and Bharat Electronics, along with global telecom and automotive companies. It was incubated under Startup India and supported by the Indian Institute of Science, Bengaluru.

Its investors include SIDBI Venture Capital, Capital2B, Piper Serica, GrowX Ventures, 8X Ventures and PointOne Capital. Pantherun is also preparing to raise a $35 million to $40 million Series B round.

Revenue Jumps as Order Pipeline Builds

Pantherun said its revenue has grown from around $1 million in FY25 to over $5 million this year. Its nearly $120 million order pipeline is expected to be executed over the next three to four years.

For a deeptech startup, the numbers are important, but the nature of the orders matters just as much. Pantherun is not selling a consumer product or a software dashboard. It is building technology for infrastructure systems where sales cycles can be long, integration can be complex and credibility is built slowly.

That makes the shift into rail signalling, 5G infrastructure and connected systems a more serious test of the company’s technology and execution capacity.

Post-Quantum Encryption Ambitions

Pantherun is also developing post-quantum encryption products for hyperscale data centres and high-speed networks.

Shekar said the company wants to reach throughputs of 100 gigabits per second and then gradually move up to 400 gigabits per second. Pantherun is also adding post-quantum cryptography algorithms and expanding its patent portfolio.

The company’s next phase, therefore, is not only about entering new sectors. It is also about preparing encryption systems for faster networks and more demanding data environments.

Why Pantherun’s Expansion Matters

Pantherun’s story sits at the intersection of three difficult markets: infrastructure, cybersecurity and high-speed communication. Each of these sectors demands trust before scale. A product cannot simply be fast. It must be dependable. It cannot only be secure. It must work without disrupting the system it is trying to protect.

That is the challenge Pantherun is now taking on.

From railways and metros to 5G networks and connected vehicles, the Bengaluru startup is trying to make encryption less visible but more essential. If its order pipeline converts as planned, Pantherun may become one of the more closely watched Indian deeptech startups operating in critical communication infrastructure.

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