March 1, 2024
Phantom in the News
This story was featured in:
- The Wall Street Journal: Freight Operators Plan to Deploy Thousands of Remote-Operated Forklifts
- Bloomberg: Logistics Giants Turn to Remote Run Forklifts Amid Labor Crunch
- Reuters: With U.S. Labor Scarce, Logistics Firms Turn to Remote Forklifts
- Forbes: Logistics Giants ArcBest, NFI Pour Millions Into Remote-Operated Forklifts To Help Solve Labor Shortage
Phantom Auto Receives $42M Investment, Large Orders from ArcBest and NFI
South San Francisco, CA, January 19, 2022--(BUSINESS WIRE)-- -- 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.
The global supply chain faces a critical labor shortage that is estimated to cost the US economy $1 trillion by 2030. With thousands of driving jobs unfilled, annual turnover often exceeding 90%, and challenges from the COVID-19 pandemic, the problem is only getting worse. Phantom is helping its customers solve the labor shortage with human-centered remote operation, enabling people to remotely operate forklifts, trucks, robots, and other vehicles from up to thousands of miles away. By decoupling labor from location, the company increases labor access and retention, safety, productivity, and resilience across the supply chain. With Phantom, supply chain operators can tap into drivers from anywhere — connecting people who want to work with jobs that need to be filled.
The large orders from ArcBest and NFI, along with Phantom’s existing commercial traction in the material handling industry, indicate the fast-growing demand for remote-enabled forklifts among supply chain and logistics operators. 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. As part of their partnership, Phantom and ArcBest will leverage each company’s complementary technologies to go-to-market with multiple integrated solutions, beginning with human operated, remote-enabled autonomous counterbalance forklifts
In addition to the funding, Michael Newcity, Chief Innovation Officer of ArcBest and President at ArcBest Technologies, will join Phantom’s Board of Directors. “Collaborating with the right technology partners has been key in elevating how we serve our customers and create opportunities for our employees,” said Newcity. “Having worked with Phantom for multiple years, we’ve seen firsthand how their technology unlocks new use cases for remote work and accelerates the deployment of automation. Phantom’s solutions are a game-changer for the entire logistics industry.”
“Phantom is aligned with NFI’s philosophy of ‘people-led, technology-enabled’”, said Sid Brown, CEO of NFI. “Our employees are our most important asset, and without them we would not be able to serve our customers. With the elimination of having to physically be on site, we can attract more diverse candidates that do not live within driving distance of the warehouse, live in alternative time zones, or who may not have been interested in working in a warehouse environment.”
Phantom will use the latest funding to rapidly increase headcount, develop new technologies, and execute on key commitments to top-tier customers. 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. Elliot Katz, Co-Founder and Chief Business Officer, added, “Logistics companies need workers to fill important jobs, and workers need those jobs to be accessible and safe; remote operation solves for both aims.”
About ArcBest
ArcBest® (Nasdaq: ARCB) is a multibillion-dollar integrated logistics company that helps keep the global supply chain moving. Founded in 1923 and now with over 14,000 employees across more than 250 campuses and service centers, the company is a logistics powerhouse, fueled by the simple notion of finding a way to get the job done. Through innovative thinking, agility and trust, ArcBest leverages their full suite of shipping and logistics solutions to meet customers’ critical needs, each and every day. For more information, visit www.arcb.com.
About NFI
NFI is a fully integrated North American supply chain solutions provider headquartered in Camden, N.J. Privately held by the Brown family since its inception in 1932, NFI generates more than $3 billion in annual revenue and employs over 15,000 associates. NFI owns facilities globally and operates more than 60 million square feet of warehouse and distribution space. Its dedicated fleet consists of over 4,600 tractors and 13,000 trailers operated by 3,900 company drivers and leveraging partnerships with 500 independent contractors. NFI has a significant drayage presence at nearly every major U.S. port, leveraging the services of an additional 1,500 independent contractors. The company’s business lines include dedicated transportation, distribution, e-commerce fulfillment, brokerage, transportation management, port drayage, intermodal, global logistics, and real estate. For more information about NFI, visit www.nfiindustries.com.
About Phantom Auto
Phantom Auto specializes in remote operation of all logistics vehicles. Phantom’s human-centric interoperable solutions enable people to remotely supervise, assist, and drive vehicle fleets from up to thousands of miles away – including forklifts, robots, trucks, and more. By decoupling labor from location, the company increases labor access and retention, safety, productivity, and resilience across the supply chain. With Phantom, supply chain operators can tap into drivers from anywhere — connecting people who want to work with jobs that need to be filled. The company’s proprietary software delivers secure, low-latency communication over volatile wireless networks for reliable sensor streaming and safe vehicle control. For more information about Phantom, visit www.phantomauto.com.
