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Tickers FORD TC. Ford lost $1.9 billion in the quarter before interest and taxes and one-time items. Our purpose is to make getting around cities safe, easy, and enjoyable for all. Volkswagen AG will invest in Ford Motor Co.’s autonomous-car partner Argo AI at a valuation of about $7 billion as two of the world’s largest automakers expand an alliance formed earlier this year, according to people familiar with the matter. Argo’s credentials Argo AI was formed in 2016 by Bryan Salesky, an early leader in Google’s self-driving program, and Pete Rander, who helped pioneer Uber Technologies’s autonomous efforts. Microsoft and partners may be compensated if you purchase something through recommended links in this article. Developer of artificial intelligence software designed to offer self-driving technology. 01. The remaining equity sits with Argo’s co-founders as well as employees. Argo AI was co-founded in November 2016 by roboticists Bryan Salesky and Peter Rander. History. The investment deal gives Argo a valuation of just over $7 billion, one of the highest in the autonomous vehicles sector. Join Us. Ford is valuing Argo AI, at, at least, $2 billion. Argo AI's latest funding round in July 2019 was reported to be $2.6 b. That's straight from Argo / Ford finance, not recruiting. Under that deal, Ford and VW have equal ownership stakes, which will be roughly 40% each over time. General Inquiries: info@argo.ai. Writer-Technology, Startups, Healthcare, Social Media Analyzer. Press: press@argo.ai. Fill in your details below or click an icon to log in: You are commenting using your WordPress.com account. While the development and deployment of autonomous vehicles will be a long journey — a remark shared Thursday by Ford CEO Jim Hackett — the Argo investment has already provided the automaker with a short-term and timely gain. Despite these COVID-19 headwinds, Hackett said Ford is still committed to the long-term pursuit of AVs, a point reiterated by CFO Tim Stone, who said the automaker continues to make investments to commercialize its autonomous vehicle business, including product development, engineering and testing. It has fleets of autonomous vehicles mapping and testing on public roads in Austin, Miami, Pittsburgh and Washington, D.C. From TechCrunch. The official valuation was confirmed Thursday, nearly two months after VW Group finalized its $2.6 billion investment in Argo AI . ( Log Out /  We are excited to welcome the AID employees to Argo AI. The full transaction represents a more than $7 billion valuation for Argo AI. - Feb, 11 2017. The automaker said Thursday it netted $3.5 billion in the second quarter from selling some of its Argo equity to Volkswagen. Autonomous vehicle technology startup Argo AI is valued at $7.5 billion, just a little more than three years after the company burst on the scene with a $1 billion investment from Ford.. Autonomous vehicle technology startup Argo AI is valued at $7.5 billion, just a little more than three years after the company burst on the scene with a $1 billion investment from Ford.. Argo AI’s value comes in the form of intellectual capital that is scarce in the competitive autonomous car arena. Its founders, Bryan Salesky and Peter Rander, were known in the tight-knit and often overlapping autonomous vehicle industry; prior to forming Argo, Salesky was director of hardware development at the Google self-driving project (now Waymo) and Rander was the engineering lead at Uber Advanced Technologies Group. Ford and Volkswagen will hold equal stakes in Argo, while the remainder of the company’s equity has been set aside for employees. The company's artificial intelligence technology helps to tackle robotics and artificial intelligence for self-driving vehicles, enabling its users to avail effective self-driving technology. Argo AI is a technology platform company that is working with leading automakers to deliver a fully integrated self-driving system that can be manufactured at scale for safe and reliable deployment in ride sharing and goods delivery services. Argo AI, an autonomous vehicle company, is valued at $7.5 billion, just over three years after the company took the stage with a $1 billion investment from Ford.. Autonomous Intelligent Driving (AID), the self-driving subsidiary that was launched in 2017 to develop autonomous vehicle technology for the VW Group, is being absorbed into Argo AI. Ford reported a revenue of $19.4 billion, a 50% decrease from the same period in 2019 due to the COVID-19 pandemic which caused the company to idle its factories for weeks. The official valuation was confirmed Thursday nearly two months after VW Group finalized its $2.6 billion investment in Argo AI. View all posts by maheshdan. Ford lost $1.9 billion in the quarter before interest and taxes and one-time items. Change ), You are commenting using your Google account. As of July 2020, the company employed over 1000 employees with offices in Pittsburgh, Detroit, Palo Alto, Cranbury, NJ and Munich, Germany. AID’s Munich offices will become Argo’s European headquarters. 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