Remote driving startup Phantom Auto announces closure, lays off over 100 employees
Remote driving startup Phantom Auto announces closure, lays off over 100 employees
The company employed dozens of workers in Israel and had raised approximately $95 million to date
Israeli startup Phantom Auto, which developed remote driving solutions, is shutting down. The company employed dozens of workers in Israel out of 100 in total and had raised approximately $95 million to date. Its investors included the likes of Bessemer Venture Partners, as well as Israeli funds such as Maniv Mobility and OurCrowd.
The company was founded and headed by Shai Magzimof, who explained in a LinkedIn post what led to the decision. “After seven years of efforts to reshape the future of physical labor at Phantom Auto, we've made the tough decision to close operations. There are various factors contributing to this, including market conditions and insufficient funding. I express gratitude to our employees, investors, customers, partners, and all who've joined us on this journey. These times are challenging, but my primary concern is our team. We possess exceptional talent now seeking opportunities in the job market. I'm committed to providing references for our employees. Personally, I'll be taking a pause to unwind and think about the next steps.”
Phantom's software enables people to remotely operate, assist, and supervise vehicles from thousands of miles away, including forklifts, tuggers, robots, trucks, and more. Headquartered in Silicon Valley and with R&D centers in Colorado, Israel, and Sweden, Phantom served supply chain and logistics customers.
Magzimof, who founded the company in 2017, had already registered an exit in 2015 when he sold his previous company to the messaging app Viber.
