Phantom AI Bags $22M in Series A Round of Funding
Phantom AI, developer of a vehicle-agnostic autonomous driving platform, has raised $22 million in Series A round of financing
Fremont, CA: Phantom AI, developer of a vehicle-agnostic autonomous driving platform, has raised $22 million in Series A round of financing. The funding was led by Celeres Investments and joined by Ford Motor Company and KT (Korea's largest telco). Existing investors Millennium Technology Value Partners and DSC Investment have also participated in the round. The company previously raised $5 million in seed funding, bringing the total capital raised to date to $27 million.
Founded in 2016 by veterans from Tesla's and Hyundai's ADAS teams, Phantom AI is currently working on a mission to democratize the use of driver assistance and safety technologies to avoid crashes, save lives, and make driving more enjoyable. The firm is working with several automakers, a truck OEM and multiple European and Asian tier 1 suppliers, and intends to use the capital raised from the investment round to accelerate product development while scaling operations in Europe and Asia.
"With over 1.3 million fatalities resulting from traffic accidents every year, we believe a lot more can be done with computer vision and ADAS technologies to help protect drivers, pedestrians and cyclists, and property," said Ray Cheng, partner at Millennium, an investment firm that has also backed Aurora Innovation, Blackmore Sensor & Analytics, and May Mobility. "Phantom AI's deep domain expertise in AI and mission-critical automotive systems has led them to build an advanced computer vision sensing platform with industry-leading performance. Phantom AI can commercialize its platform at compelling price points that can drive mass-market adoption as OEMs look to add new safety features to their new designs."
"We founded Phantom AI to fundamentally change the economics of ADAS by developing modern software-based solutions that are high performing, cost-effective, and infinitely flexible and customizable," said Hyunggi Cho, co-founder and CEO of Phantom AI. "To the automakers frustrated with the lack of options in computer vision technologies-Phantom, AI is here to help. We are thrilled to bring our AI-based perception technology, including computer vision, sensor fusion, and control capabilities to market, and to have the support of our new investors to help us accelerate production globally."
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