American self-driving technology startup Argo AI will cease operations. Writes about it Engadget.
“In consultation with our shareholders, it has been decided that Argo AI will not continue its mission as a company,” a spokesperson for the startup said.
The assets of the liquidated firm will be acquired by automakers Volkswagen and Ford, who previously invested $3.6 billion in it. It is not known exactly how the companies will divide the startup’s property among themselves. It is also not reported how many of the 2,000 employees will go to Ford and VW.
According to the report, all ArgoAI staff are entitled to bonuses and severance pay.
“Many employees will be able to continue working on automated driving technologies at either Ford or Volkswagen,” the startup said.
It is known that some of the engineers will go to Ford to create unmanned systems of the second and third levels. The company re-evaluated the prospects for more advanced driver assistance technologies and focused on proven solutions.
The startup failed to attract new investors, its valuation down $2.7 billion, according to Ford’s quarterly report. The net loss for the third quarter of 2022 was $827 million.
Ford said in 2017 that it would invest $1 billion in Argo AI over five years. Two years later, VW invested $2.6 billion in the startup.
Around the same time, both companies said they would be working on cars with Argo AI autonomous driving technologies. The manufacturers have split a “significant majority” of the startup’s shares among themselves.
Argo AI has tested the technology on public roads in the US and Germany. In May 2022, in Austin and Miami, the company launched a trial of unmanned drones.
In September, Argo AI announced a number of tools and services designed to support autonomous delivery and robot taxi operation.
Lyft also considered deploying AI-enabled Argo vehicles on public roads.
Recall that in July 2021, Ford announced plans to launch a commercial robot taxi service in Miami and Austin.
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American self-driving technology startup Argo AI will cease operations. Writes about it Engadget.
“In consultation with our shareholders, it has been decided that Argo AI will not continue its mission as a company,” a spokesperson for the startup said.
The assets of the liquidated firm will be acquired by automakers Volkswagen and Ford, who previously invested $3.6 billion in it. It is not known exactly how the companies will divide the startup’s property among themselves. It is also not reported how many of the 2,000 employees will go to Ford and VW.
According to the report, all ArgoAI staff are entitled to bonuses and severance pay.
“Many employees will be able to continue working on automated driving technologies at either Ford or Volkswagen,” the startup said.
It is known that some of the engineers will go to Ford to create unmanned systems of the second and third levels. The company re-evaluated the prospects for more advanced driver assistance technologies and focused on proven solutions.
The startup failed to attract new investors, its valuation down $2.7 billion, according to Ford’s quarterly report. The net loss for the third quarter of 2022 was $827 million.
Ford said in 2017 that it would invest $1 billion in Argo AI over five years. Two years later, VW invested $2.6 billion in the startup.
Around the same time, both companies said they would be working on cars with Argo AI autonomous driving technologies. The manufacturers have split a “significant majority” of the startup’s shares among themselves.
Argo AI has tested the technology on public roads in the US and Germany. In May 2022, in Austin and Miami, the company launched a trial of unmanned drones.
In September, Argo AI announced a number of tools and services designed to support autonomous delivery and robot taxi operation.
Lyft also considered deploying AI-enabled Argo vehicles on public roads.
Recall that in July 2021, Ford announced plans to launch a commercial robot taxi service in Miami and Austin.
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