Supply chain technology supplier ArcBest has invested US$25m (£18.3m) in vehicle operation software start-up Phantom Auto, to further develop remotely operated forklifts, robotics and trucks.
As part of the company’s agreement to be the lead investor of Phantom Auto’s Series B preferred offering, Michael Newcity ArcBest’s chief innovation officer will join the Phantom Auto board of directors.
“As ArcBest continues on its rapid growth trajectory, we are focused on optimising 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 added it invests 4% of its revenue on technology and innovation, with nearly half of this budget dedicated exclusively to growth 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 analyse emerging technologies and collaborate with partners to develop modern logistics solutions,” added 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.”