Remote driving startup Phantom Auto is shutting down [TechCrunch]
ArcBest Corporation (ARCB)
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Source: TechCrunch
Phantom Auto, which had raised a total of $95 million, developed a teleoperation platform that allowed a remote driver, sometimes located thousands of miles away, to operate a vehicle if needed. The company attracted a mix of backers, including angel investors and early-stage VCs such as Bessemer Venture Partners and Maniv Mobility, private equity firm InfraBridge and strategic investors such as ArcBest and ConGlobal. The startup's last raise was $25 million in 2023. The startup had come close to securing another round of funding, but it fell through unexpectedly, according to a source who spoke on condition of anonymity. At its height, the startup employed about 120 people. Phantom Auto, which had cut staff last year, employed a little more than 100 people as of this week. It was based in South San Francisco. Phantom Auto's demise is the latest in a long line of startups that popped up as the autonomous vehicle technology industry gained attention and investment from investors.
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