Autonomous Driving Platform Company Phantom AI Raises $36.5 Million
Summary
These are the details.Phantom AI a Silicon Valley startup providing a comprehensive autonomous driving platform featuring computer vision, sensor fusion and control capabilities announced that it has secured $36.5 million in its Series C funding round. And while many companies today are focused on building the Robotaxis of the world, Phantom AI believes that the better way to build autonomous vehicles and advance the future of smart cars is to democratize the use of lifesaving ADAS technologies, similar to how seatbelts have been adopted and mainstreamed since the late 1800s.The new funding round will be used to accelerate the current series production development with major OEMs. With this new round, the company has raised a total of $80.2 million since its founding in 2017.The ADAS market is growing and poised for continued growth in the coming years despite current economic challenges. And government support for the development and implementation of ADAS technologies will help mitigate the impact of the downturn on startups like Phantom AI.Phantom AI was founded in 2017 by Hyunggi Cho and Chan Kyu Lee, two Korean-born technologists who met at Teslas cafeteria a year earlier and shared their mutual desire to unlock the potential they saw in early ADAS technology. Were 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.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.Phantom AIs 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.