InfraBridge Invests in Remote Operation Technology for Logistics Vehicles to Improve Safety, Productivity, and Operational Resilience

Rhea-AI Summary

InfraBridge, an infrastructure investment manager, has announced its investment in Phantom Auto, a leading provider of remote operation software. The investment was made through InfraBridge's portfolio company ConGlobal. As part of the agreement, ConGlobal CEO Brant Ring will join the Phantom Auto Board of Directors.

Positive

• InfraBridge's investment in Phantom Auto aligns with their goal of digitizing logistics and driving performance and efficiencies within their portfolio companies. This partnership will create value for InfraBridge and ConGlobal by offering advanced solutions for terminal operators and making supply chain movements safer and more effective.

Negative

• None.

LONDON and SILICON VALLEY, Calif., April 27, 2023 /PRNewswire/ -- InfraBridge, a leading infrastructure investment manager dedicated to investing in mid-market businesses in transportation and logistics, digital infrastructure, and energy transition, today announced it has invested in Phantom Auto, the leading provider of human-centered remote operation software, via its portfolio company ConGlobal. As part of the investment agreement, Brant Ring, ConGlobal CEO, will join the Phantom Auto Board of Directors.

Remotely operated yard truck developed with Phantom Auto for use in container/cargo handling terminals, pictured at a ConGlobal operated terminal.

"As ConGlobal continues on its transformation journey, we are focused on supporting enterprise performance through advanced solutions and innovation," said Damian Stanley, managing partner of InfraBridge and chair of the investment committee. "Phantom Auto strategically aligns with our thesis of digitizing logistics to drive performance and efficiencies and further create value within our portfolio companies."

InfraBridge's investment in Phantom Auto is being made through its operating company, ConGlobal, which is focused on delivering advanced solutions for terminal operators, by terminal operators, and making supply chain endpoints and first mile/last mile cargo movements safer and more effective, efficient, sustainable, and resilient for the employees, customers, communities, and shareholders it serves. 

"Becoming the world's go-to experts in terminal operations requires using our expertise to build lasting solutions and capabilities for all of those in our care," Ring said. "This partnership and the human-centered capability that we are developing and deploying with Phantom Auto fits squarely within that requirement and our daily mission to take care of each other, our customers, and our business."

"We are excited to partner with InfraBridge, who shares our vision for digitizing logistics; and with ConGlobal, who will help us continue to bring that vision to life with remotely operated yard trucks," said Shai Magzimof, Co-founder and Chief Executive Officer at Phantom Auto. Added Elliot Katz, Co-founder and Chief Business Officer at Phantom Auto: "With remotely operated yard trucks, customers are investing in supply chain resilience that enables them to remotely tap into labor wherever it is available. This provides them greater flexibility when demand fluctuates; while increasing safety and productivity for their most important resource: people."

ABOUT INFRABRIDGE

InfraBridge is a leading infrastructure investment manager dedicated to investing in mid-market businesses in transportation and logistics, digital infrastructure, and energy transition, among other key sectors. The firm's investment strategy applies private equity rigor with an active approach to asset management in order to maximize value and drive returns on behalf of investors. Formerly AMP Capital's international infrastructure equity business, InfraBridge is now a division of DigitalBridge Group, Inc. (NYSE: DBRG), a leading global digital infrastructure firm managing a $65 billion portfolio of digital infrastructure assets on behalf of its investors. InfraBridge is headquartered in London, United Kingdom. For more information, visit: www.infrabridge.com.

ABOUT CONGLOBAL

ConGlobal is North America's leading operator of intermodal, finished vehicle, and depot service terminals. With operations across the U.S., Mexico, and Costa Rica and over 50 years of industrial experience, ConGlobal serves as the industry's go-to terminal operations expert. ConGlobal's service and product offerings anchor on complementing specialized industrial equipment operations with advanced, technology-enabled systems and processes. For more information, visit: www.conglobal.com

ABOUT PHANTOM AUTO

Phantom Auto's human-centric technology enables people to remotely operate vehicles – including trucks, forklifts, and robots – from thousands of miles away; connecting people who want to work with jobs that need to be filled. By decoupling labor from location, Phantom's technology increases labor access & retention, safety, productivity, and resilience across the supply chain. For more information, visit www.phantomauto.com.

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SOURCE ConGlobal

FAQ

What is InfraBridge's investment in Phantom Auto?

InfraBridge has invested in Phantom Auto, a leading provider of remote operation software, through its portfolio company ConGlobal.

What is the goal of InfraBridge's investment?

The goal of InfraBridge's investment is to digitize logistics, drive performance and efficiencies, and create value for their portfolio companies.

Who will join the Phantom Auto Board of Directors?

ConGlobal CEO Brant Ring will join the Phantom Auto Board of Directors as part of the investment agreement.