Phantom AI, a startup focused on creating a software-based platform for automated vehicles, has secured $36.5 million for its series C funding round, the company said Wednesday.
The fresh funding will help accelerate development of its vehicle-agnostic and customizable platform.
With this new round, Phantom AI has raised $80.2 million since its 2017 founding by former Tesla and Hyundai engineers.
The company's platform features computer vision, sensor fusion and control capabilities.
Phantom AI, which has moved into a new headquarters in Mountain View, Calif., says its work focuses on camera-based features for advanced driver-assistance systems. The company envisions technologies under that umbrella as a major safety advance, on par with how seat belts became staples in modern automobiles.
"For the next couple of years, we want to build a sustainable business with ADAS vision," CEO Hyunggi Cho told Automotive News, "and then we want to continue our pursuit of a full autonomy future."
The funding round was led by South Korean venture 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," said Jay Jinhwan Jeon of InterVest.
Other investors included South Korean investment bank Shinhan GIB and the venture capital arm of South Korean electronics giant 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. said in a statement. "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 series A round from London venture capital firm Celeres Investments, Ford Motor Co. and South Korean telecommunications company KT.
Phantom is working on a series production project for a global automaker, with output scheduled to start in the fourth quarter, Cho said. He said he could not disclose the automaker.
