MOUNTAIN VIEW, Calif. – Phantom AI, a Silicon Valley-based start-up providing an autonomous driving platform, has secured $36.5m in its latest funding round. This includes contributions from InterVest, Shinhan GIB and Samsung Ventures, along with previous investors KT Investment and Renaissance Asset Management.
The funding will be used to speed up the development of the company’s current series production with major OEMs, taking the total amount raised since its founding in 2017 to $80.2m. The ADAS market is set to grow in the coming years and has government support for development and implementation, making it a good time for Phantom AI to receive investment.
“This funding validates investor confidence in our mission to save lives through innovative visual perception technology and our ability to execute on this mission,” said Hyunggi Cho, Phantom AI’s co-founder and CEO. The company is focused on developing and expanding its product offerings, improving its marketing and sales efforts, and increasing its business growth.
Phantom AI was founded in 2017 by Hyunggi Cho and Chan Kyu Lee, two Korean-born technologists who shared a vision to make roads safer through advanced ADAS technology. They believe that democratizing the use of lifesaving ADAS technologies is the best way to build autonomous vehicles and advance the future of smart cars.
“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,” said a representative from Samsung Venture Investment Corporation. “The ADAS market remains strong and we see unlimited opportunity for technologies that support autonomous vehicles.”
