ArcBest Invests $25M In Phantom Auto

ArcBest Corp ARCB has invested $25 million in Phantom Auto, a provider of remote operation software for logistics vehicles.
ArcBest noted this investment is key to the future of work in the logistics space.
As part of the company's agreement, 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 McReynolds, chairman, president, and CEO of ArcBest.
Phantom Auto disclosed a strategic investment of $42 million led by ArcBest, and NFI. The funding also includes investment from Bessemer Venture Partners, Maniv Mobility, OurCrowd, Perot Jain, Max Blankfeld, and other previous investors.
Price Action: ARCB shares traded lower by 2.18% at $90.27 on the last check Wednesday.