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Phantom AI secures $22 Million in Series A Funding Round

Phantom AI secures $22 Million in Series A Funding Round

Phantom AI secures $22 Million in Series A Funding Round

Phantom AI has secured raised $22 Million in Series A funding round.

Celeres Investments led the latest funding round. Other investors participated in the round includes Ford Motor Company and KT (Korea’s largest telco).

The company intends to use the latest funds to speed up product development and scale its operations in Europe and Asia regions.

Executive Opinion

Co-founder and CEO of Phantom AI, Hyunggi Cho, "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. 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.”

Millennium, an investment firm partner, Ray Cheng, said, "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. 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."

Phantom AI's Offerings

Founded in 2016, Burlingame, California based Phantom.AI offers vehicle-agnostic autonomous driving platform. In two funding rounds, the company has raised a total of $27.2M to date, according to CrunchBase. Phantom AI is engaged with many automakers, a truck OEM and multiple European and Asian tier 1 suppliers.

Phantom AI offers ADAS features for different cars and trying to bridge the gap in the market where car manufacturers are looking to add ​ Level 1 and Level 3​ of automation capabilities to their designs, notes the announcement.

PC:pixabay

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Mandar is a seasoned software professional for more than a decade. He is Cloud, AI, IoT, Blockchain and Fintech enthusiast. He writes to benefit others from his experiences. His overall goal is to help people learn about the Cloud, AI, IoT, Blockchain and Fintech and the effects they will have economically and socially in the future.

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