Phantom Auto Receives $42M Investment, Large Orders From Arcbest And Nfi
01/19/22, 2:00 PM
Location
san francisco
Money raised
$42 million
Phantom Auto, the leading provider of remote operation software for logistics vehicles, today announced a strategic investment of $42M led by ArcBest (Nasdaq: ARCB), a multi-billion dollar freight and logistics service provider, and NFI, one of the largest third-party logistics providers in North America. ArcBest and NFI executed commercial agreements to deploy thousands of Phantom-powered forklifts in the coming years. The funding also includes investment from Bessemer Venture Partners, Maniv Mobility, OurCrowd, Perot Jain, Max Blankfeld, and other previous investors.
Company Info
Location
san francisco, california, united states
Additional Info
By decoupling labor from location, the company increases labor access and retention, safety, productivity, and resilience across the supply chain. To meet this demand and accelerate growth, the company is rapidly growing its team, and is rolling out technology and service capabilities to support scaled forklift operations. While Phantom is accelerating growth in the forklift segment, the company also continues to support and grow in multiple logistics verticals including delivery robots, trucks, and more.“We have seen an explosion in demand for remote operation across the supply chain as our customers seek innovative solutions to expand access to labor and fuel growth,” said Shai Magzimof, Co-Founder and CEO at Phantom Auto.