Phantom AI Raises $36.5M to Advance Autonomous Driving Platform
Phantom AI, a Silicon Valley-based startup developing an autonomous driving platform with computer vision, sensor fusion and control capabilities, has announced it raised $36.5 million in a Series C funding round.
The company aims to help customers reduce accidents and make everyday driving more enjoyable, while also unlocking what is next in the advanced driving and assistance (ADAS) space. While other companies are focused on building robotic taxis, Phantom AI said it believes the better way to build autonomous vehicles and advance the future of smart cars is to democratize the use of lifesaving ADAS technologies, similar to how seat belts have been adopted and mainstreamed since the late 1800s.
“This is a very exciting time for Phantom AI as customers are recognizing the critical role driver-assisted technology plays in making automobiles safer for everyone,” said Jay Jinhwan Jeon of InterVest, the lead investor in the new funding round. “We’re thrilled to partner with Phantom AI at this time to help bring this important technology to the market.”
Additional investors in this round included KT Investment and Renaissance Asset Management, Shinhan GIB, and Samsung Ventures. The new funding will be used to accelerate the current series production development with major OEMs, Phantom AI said. Since its founding in 2017, the company has raised more than $80.2 million.
“This funding validates investor confidence in not only our mission to save lives through innovative visual perception technology but also our ability to execute on this mission,” said Hyunggi Cho, co-founder and CEO of Phantom AI. “We’re focused on developing and expanding our product offerings, enhancing our marketing and sales efforts and accelerating our business growth with the goal to give customers the best possible multi-camera vision solutions in the market.”
For more details on Phantom AI and its technology, visit its website here.