Benzinga | Jan 19, 2022 07:33AM EST

ArcBest Announces $25M Investment In Phantom Auto

Company leads Phantom Auto's Series B Funding Round, Receives Board Seat

FORT SMITH, Ark., Jan. 19, 2022 /PRNewswire/ -- ArcBest(r) (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.