Phantom Auto receives $42m investment, large orders from ArcBest and NFI

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.

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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.”

For more information on Phantom, visit www.phantomauto.com.

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