March 1, 2024
This article originally appeared in TechCrunch
Remote driving startup Phantom Auto has raised $13.5 million of financing in a Series A round led by Bessemer Venture Partners — capital used to expand a logistics business targeting sidewalks, warehouses and cargo yards, all the places where autonomy and teleoperation are being deployed today.
The startup, founded in 2017, has raised about $19 million to date. Byron Deeter and Tess Hatch from Bessemer have joined Phantom’s board.
The so-called “race” to deploy self-driving trucks, robotaxi services and other applications of autonomous vehicle technology on public roads has encountered a speed bump of sorts that has sent ripples throughout the nascent industry.
In short: autonomous vehicles are hard and everyone seems to be waking up to that fact.
As deployment timelines have moved, companies have quieted. Some have pivoted, shuttered or been snapped up in acquisitions by other better-capitalized companies looking for talent. Other companies, like Phantom Auto that are adjacent to the industry, are expanding into new areas as they wait for autonomous vehicle developers to catch up.
Phantom Auto co-founder Elliot Katz emphasized that the company is still working with customers deploying autonomous passenger and commercial vehicles on public roads. This new logistics business, however, holds more near-term potential.
Read the rest of this article in TechCrunch.
About Phantom Auto
Phantom Auto specializes in remote operation of all types of unmanned vehicles with customers throughout the world. The company’s interoperable solution enables people to remotely monitor, assist, and operate fleets of unmanned vehicles from up to thousands of miles away – including forklifts, robots, trucks, passenger vehicles, and more. Phantom Auto's proprietary teleoperation software delivers secure, low-latency communication over volatile wireless networks for reliable sensor streaming and safe control of vehicle functions.
Founded in 2017 by Shai Magzimof, Elliot Katz, and Ohad Dvir, Phantom Auto is backed by Bessemer Venture Partners, Maniv Mobility and other strategic investors.
