Phantom AI, a Mountain View, California-based developer of an autonomous driving platform, introduced it introduced in $36.5 million in Sequence C funding, bringing the corporate’s whole funding to $80.2 million since its begin in 2017.
Whereas there are various firms within the autonomous automobile area, Phantom AI is hoping to set itself aside from others with its distinctive technique. The corporate goals to shortly democratize autonomous driving by advancing ADAS applied sciences. Phantom AI’s product choices embrace a pc imaginative and prescient system referred to as PhantomVision, a sensor fusion referred to as PhantomFusion, and PhantomDrive, a automobile management system.
Hyunggi Cho, now the CEO, and Chan Kyu Lee, now the CTO, co-founded the corporate. The 2 met whereas each working at Tesla. They found that that they had an curiosity within the potentialities of early ADAS expertise and its capability to carry autonomous expertise to market nicely earlier than totally driverless vehicles attain the roads.
“This funding validates investor confidence in not solely our mission to save lots of lives by way of revolutionary visible notion expertise but additionally our capacity to execute on this mission,” Cho stated in a launch. “We’re centered on growing and increasing our product choices, enhancing our advertising and marketing and gross sales efforts and accelerating our enterprise progress with the purpose to offer clients the absolute best multi-camera imaginative and prescient options available in the market.”
New buyers collaborating within the spherical included InterVest, Shinhan GIB and Samsung Ventures. The Sequence C spherical additionally included current buyers KT Funding and Renaissance Asset Administration.
“This can be a very thrilling time for Phantom AI as clients are recognizing the essential function driver-assisted expertise performs in making cars safer for everybody,” Jay Jinhwan Jeon of InterVest, the lead investor on this spherical, stated in a launch. “We’re thrilled to associate with Phantom AI at the moment to assist carry this essential expertise to the market.”
Phantom AI plans to make use of the funding to speed up its present collection manufacturing growth with main OEMs. Its clients embrace Tier 1 automotive producers which might be considering integrating lower-level autonomy programs of their automobiles that may ship full autonomy sooner or later.
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