Autonomous driving platform developer Phantom AI raises $22 million

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Autonomous driving platform developer Phantom AI has raised $22 million in Series A financing, bringing its total capital raised to date to $27 million. 

With a goal of democratizing the use of driver assistance and safety technologies to reduce crashes, save lives and make driving more enjoyable, Phantom AI, which was founded in 2016 by lead engineers from Tesla’s and Hyundai’s Advanced Driver Assistance Systems (ADAS) teams, will use this latest round of funding to accelerate product development while scaling operations in Europe and Asia.  

The company is working with several automakers, a truck OEM and multiple European and Asian tier 1 suppliers. 

“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,” explains 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.”

The financing round was led by Celeres Investments, who was joined by Ford Motor Company and KT (Korea’s largest telco). Existing investors Millennium Technology Value Partners​ and DSC Investment also participated in the round.

“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,” says Ray Cheng, partner at Millennium.

“Phantom AI’s deep domain expertise in AI and mission-critical automotive systems has led them to building an advanced computer vision sensing platform with industry-leading performance. Phantom AI is able to 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.”