Ghost Locomotion Inc. today said that it has closed a $100 million Series D fundraising round. The startup said its latest financing will allow it to continue developing its self-driving technology, which includes a “revolutionary breakthrough in crash prevention.”
Despite all of the modern features in vehicles, cars still crash, and accidents and fatalities have increased in the U.S., despite last year's decline in traffic during the COVID-19 pandemic, noted Ghost. Even semi-autonomous and fully autonomous vehicles struggle to recognize and avoid every potential obstacle on the road, instead relying on human intervention to handle edge cases and prevent crashes, it noted.
“Crash prevention is the single most important problem in driving,” stated John Hayes, co-founder and CEO of Ghost Locomotion. “Automotive safety innovation has historically focused on alleviating the effects of crashes. Now we finally have the technology to prevent crashes before they occur – the breakthrough needed to bring safe self-driving to our highways.”
Ghost uses AI to handle obstacles
Founded in 2017, Ghost Locomotion claimed that it has invented crash-prevention technology capable of detecting and handling any obstacle, regardless of speed, size, or type. The company has offices in Mountain View, Calif., and Surry Hills, Australia.
Unlike existing systems, Ghost said it does not need to recognize an obstacle to avoid it, instead applying new uses of artificial intelligence and physics to track objects in motion and avoid incoming threats.
“Engineered to keep drivers safe in even the most unusual circumstances, Ghost’s fully automated crash prevention never relies on last-second human intervention,” said the company. Ghost is currently testing its self-driving car system in California.
Ghost appoints general counsel
Ghost Locomotion has raised $165 million from investors including Mike Speiser at Sutter Hill Ventures, Keith Rabois at Founders Fund, and Vinod Khosla at Khosla Ventures. The company said will use the new capital to continue development and introduce its product next year.
Returning investors Sutter Hill Ventures and Founders Fund participated in the Series D round, along with a new commitment from Coatue.
Building on its commitment to consumer vehicle safety, Ghost has appointed Jacqueline Glassman as general counsel. She is former chief counsel and acting administrator of the U.S. National Highway Traffic Safety Administration and has more than 25 years of experience in motor vehicle and consumer safety across both the public and private sectors.
“For decades, I have been involved in helping to reduce the risk of crashes and improve road safety,” said Glassman. “I am thrilled to continue that mission at Ghost by helping advance its unique approach to crash prevention, which will ultimately make safe self-driving available on a mass scale. As we bring Ghost's technology to market, we can start saving lives within years, not decades.”
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