Volkswagen Group finalized Tuesday its $2.6 billion investment into Argo AI, the Pittsburgh-based self-driving car startup that came out of stealth in 2017 with $1 billion in backing from Ford.
The deal turns Argo into a global company with two customers — VW and Ford — as well as operations in the U.S. and Europe and an instant jump in its workforce. Autonomous Intelligent Driving, the self-driving subsidiary that was launched in 2017 to develop autonomous vehicle technology for the VW Group, will be absorbed into Argo AI. AID’s Munich offices will become Argo’s European headquarters.
That integration, which can begin now that the deal has closed, will expand Argo’s workforce to more than 1,000 people. Argo also has offices in Detroit, Palo Alto, and Cranbury, New Jersey. The company has fleets of autonomous vehicles mapping and testing on public roads in Austin, Miami and Washington, D.C.
Argo AI is developing the virtual driver system and high-definition maps designed for Ford’s self-driving vehicles. That mission now expands to VW. Ford and VW will share the cost of developing Argo AI’s self-driving vehicle technology under the terms of the deal.
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Source: Tech Crunch