Phantom AI raises $22M to fund ADAS development

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Phantom AIdeveloper of a vehicle-agnostic autonomous driving platform, 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. 

Ray Cheng, partner at Millennium, says, “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 build 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.  

Hyunggi Cho, co-founder and CEO of Phantom AI, says, “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.” 

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