Phantom AI announced yesterday that it has raised $36.5 million in Series C funding. In total, the autonomous driving technology startup said it has raised about $80.2 million to help fund its advanced driving assistant system, or ADAS, technology.
“This funding validates investor confidence in not only our mission to save lives through innovative visual perception technology but also our ability to execute on this mission,” said Hyunggi Cho, Phantom AI's co-founder and CEO, in a statement.
“We're focused on developing and expanding our product offerings, enhancing our marketing and sales efforts and accelerating our business growth with the goal to give customers the best possible multi-camera vision solutions in the market,” added Cho.
The company said it will use the funding for production development. The funding round was led by KT Investment and Renaissance Asset Management, InterVest, Shinhan GIB, and Samsung Ventures.
Phantom focuses on ADAS
The company was founded in 2017 by Hyunggi Cho and Chan Kyu Lee, two former Tesla engineers. By focusing on ADAS rather than SAE Level 4 and Level 5 technologies, the company said it is poised to continue to see market growth.
“This is quite a contrast to L4/L5 full automation areas like Robotaxis, Robo-shuttle, and Autonomous Trucking, where investments scaled back as the automotive community realized that L4/L5 is not easily commercialized for the next few years,” said Cho.
“This is a very exciting time for Phantom AI as customers are recognizing the critical role driver-assisted technology plays in making automobiles safer for everyone,” stated Jay Jinhwan Jeon of InterVest, the lead investor in this round. “We're thrilled to partner with Phantom AI at this time to help bring this important technology to the market.”
“Phantom AI's ADAS platform is filling an important market need for highly innovative, effective and affordable driver-assisted technology that is difficult to find in the market today,” stated a representative from Samsung Venture Investment Corp. “The ADAS market remains strong, and we see unlimited opportunity for technologies that support autonomous vehicles especially as they become more mainstream.”