Phantom AI, developer of a vehicle-agnostic autonomous driving platform, today announced it has raised $22 million in Series A financing 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 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 lead engineers from Tesla's and Hyundai's ADAS teams, Phantom AI is on a
mission to democratize the use of driver assistance and safety technologies to reduce crashes, save
lives and make driving more enjoyable. The company is working with several automakers, a truck
OEM and multiple European and Asian tier 1 suppliers, and will use the new financing 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 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 are predicting the ADAS market will reach USD $134.9 billion by 2027, up from USD $30
billion in 2019. 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. New regulations in the
European Union and the United States require vehicles to be equipped with Automatic Emergency
Braking systems and forward-warning systems. By delivering ADAS features for cars at all price
points, Phantom AI is filling a big void in the market as car manufacturers are looking to add Level 1 -
Level 3 of automation capabilities to their new designs now.
"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."
About Phantom AI
Phantom AI is democratizing the use of advanced driver assistance systems (ADAS) to reduce
accidents, save lives and make driving more enjoyable, while delivering tomorrow's self-driving
technology. The company provides a comprehensive autonomous driving platform featuring
computer vision, sensor fusion and control capabilities.
Phantom AI has created the most accurate and highest-performing AI solutions available today that
meet car manufacturer requirements, at a much lower price than existing solutions. Delivered
through a modular, software-based vehicle stack, OEMs and Tier 1 suppliers can select the
components they wish to integrate and customize the configuration for unparalleled flexibility. To
learn more about Phantom AI, please visit: https://www.phantom.ai/.