Phantom AI, a startup targeted on making a software-based platform for automated autos, has secured $36.5 million for its sequence C funding spherical, the corporate mentioned Wednesday.
The recent funding will assist speed up growth of its vehicle-agnostic and customizable platform.
With this new spherical, Phantom AI has raised $80.2 million since its 2017 founding by former Tesla and Hyundai engineers.
The firm’s platform options pc imaginative and prescient, sensor fusion and management capabilities.
Phantom AI, which has moved into a brand new headquarters in Mountain View, Calif., says its work focuses on camera-based options for superior driver-assistance programs. The firm envisions applied sciences below that umbrella as a serious security advance, on par with how seat belts turned staples in fashionable cars.
“For the next couple of years, we want to build a sustainable business with ADAS vision,” CEO Hyunggi Cho instructed Automotive News, “and then we want to continue our pursuit of a full autonomy future.”
The funding spherical was led by South Korean enterprise capital fund InterVest.
“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,” mentioned Jay Jinhwan Jeon of InterVest.
Other traders included South Korean funding financial institution Shinhan GIB and the enterprise capital arm of South Korean electronics large Samsung.
“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,” Samsung Venture Investment Corp. mentioned in a press release. “The ADAS market remains strong and we see unlimited opportunity for technologies that support autonomous vehicles especially as they become more mainstream.”
In 2020, Phantom AI raised $22 million in its sequence A spherical from London enterprise capital agency Celeres Investments, Ford Motor Co. and South Korean telecommunications firm KT.
Phantom is engaged on a sequence manufacturing undertaking for a worldwide automaker, with output scheduled to start out within the fourth quarter, Cho mentioned. He mentioned he couldn’t disclose the automaker.
Source: www.autonews.com
