FORT SMITH, Ark. — Fort Smith-based shipping and logistics company ArcBest has invested $25 million in Phantom Auto, a Silicon Valley-based provider of remote vehicle operation software.
According to an ArcBest news release Wednesday (Jan. 19), ArcBest is the lead investor of Phantom Auto’s Series B Preferred offering. As part of the agreement, Michael Newcity, ArcBest Chief Innovation Officer and president of the company’s ArcBest Technologies subsidiary, 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,” Judy McReynolds, chairman, president and CEO of ArcBest, said in the release. “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.”
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