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Phantom AI was founded in 2016 by lead engineers from Tesla's and Hyundai's ADAS team. The company is on a mission to democratize the use of driver assistance and safety technologies to reduce crashes, save lives, and make driving more enjoyable
Fremont, CA: Vehicle agnostic autonomous driving platform developer Phantom AI raised USD 22 million in a Series A round of financing led by Celeres Investments, joined by Ford Motor Company and Korea's largest telco KT. The round was also participated by existing investors Millennium Technology Value Partners and DSC Investment. Previously, the company had raised USD 5 million in its seed funding round, taking its total investment to USD 27 million.
"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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Phantom AI was founded in 2016 by lead engineers from Tesla's and Hyundai's ADAS team. The company is on a mission to democratize the use of driver assistance and safety technologies to reduce crashes, save lives, and make driving more enjoyable. Currently, Phantom AI is working with several automakers, a truck OEM, and multiple European and Asian tier 1 suppliers. The company intends to use the newly raised capital 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. "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."
Analysts predict that the ADAS market will reach a whopping USD 134.9 billion by 2027, up from USD 30 billion in 2019. Meanwhile, McKinsey anticipates demand for ADAS features that help with monitoring, warning, braking, and steering will increase through 2026, fueled by consumer and regulatory interest in modern safety applications that reduce accidents and protect human life.
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