FORT SMITH, Ark., Jan. 19, 2022 /PRNewswire/ -- ArcBest® (Nasdaq:
ARCB), a leader in supply chain logistics, today announced it has
invested $25MM in Phantom Auto, the leading provider of
human-centered remote operation software. As part of the company's
agreement to be the lead investor of Phantom Auto's Series B
Preferred offering, Michael Newcity,
ArcBest Chief Innovation Officer and President of ArcBest
Technologies, will join the Phantom Auto Board of Directors.
"As ArcBest continues on its rapid growth trajectory, we are
focused on optimizing our performance through technological
innovation," said Judy R.
McReynolds, chairman, president and CEO of ArcBest. "Phantom
Auto strategically aligns with our long-term goals, complementing
ArcBest's existing innovation pipeline, technology roadmap and
partnerships, and building on the important work already underway
to support our customers' success. This investment reflects our
vision of great people leveraging smart technology to strengthen
performance and relationships to benefit all of our stakeholders,
including our shareholders."
ArcBest's investment in Phantom Auto is championed by its
technology company, ArcBest Technologies, which is focused on
delivering custom-built, disruptive solutions that move the global
supply chain forward. Approximately four percent of ArcBest's
annual revenue is spent on technology and innovation, with nearly
half of this budget dedicated exclusively to growth and
transformative initiatives like those developed at Phantom
Auto.
"ArcBest has a rich history of delivering leading-edge
technology that makes it easier for customers to do business — it
is central to our ongoing strategy. We continuously analyze
emerging technologies and collaborate with partners to develop
modern logistics solutions," said Newcity. "Phantom Auto is solving
fundamental challenges facing the supply chain industry, and this
investment aligns perfectly with our commitment to advancing a
culture of innovation and enabling a more efficient and sustainable
supply chain."
Nearing its 100th anniversary, ArcBest has stood the
test of time due in large part to the company's commitment to
ensuring its people and technology grow and change with the
industry. This investment in Phantom Auto is key to the future of
work in the logistics space, and ArcBest is committed to providing
its team with the tools, resources and curriculum needed to
continue to develop and thrive.
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 its full suite of shipping and logistics solutions to
meet customers' critical needs, each and every day. For more
information, visit arcb.com.
ABOUT PHANTOM AUTO
Phantom Auto specializes in remote operation of all types of
vehicles. Phantom's interoperable solution enables people to
remotely supervise, assist, and drive vehicle fleets from up to
thousands of miles away – including forklifts, robots, trucks, and
more. 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 phantomauto.com.
Media Contact: Autumnn
Mahar
Email: amahar@arcb.com
Phone: 479-494-8221
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SOURCE ArcBest