crypto News Startup for the production of drone ARGO AI will eliminate

Startup for the production of drone ARGO AI will eliminate

Startup for the production of drone ARGO AI will eliminate

The American startup for the production of unmanned driving technologies Argo AI will cease its activities. This is written by Engadget.

“In agreement with our shareholders, it was decided that Argo AI would not continue its mission as a company,” said the representative of the startup.

Assets of liquidated company will be acquired by VOLKSWAGEN and Ford automakers, which previously invested $ 3.6 billion in it. It is not known exactly how the companies will share the property of the startup among themselves. It is also not reported how many out of 2000 employees will go to Ford and VW.

According to the report, all the staff of Argoai rely bonuses and output guide.

“Many employees will be able to continue working on automated driving technologies either in Ford https://gagarin.news/news/solana-breakpoint-2022-key-takeaways/ 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 revised the prospects of more advanced technologies for helping the driver and focused on verified solutions.

According to the Ford quarter report, the startup could not attract new investors, its assessment decreased by $ 2.7 billion. Pure loss for the third quarter of 2022 amounted to $ 827 million.

In 2017, Ford said that he would invest $ 1 billion in Argo AI for five years. Two years later, VW invested $ 2.6 billion in a startup.

Around the same time, both companies said that they would work on cars with autonomous driving technologies Argo ai. Manufacturers shared the “significant majority” of the Startup shares among themselves.

Argo Ai tested public roads in the USA and Germany. In May 2022, in Austin and Miami, the company launched a test of drones without insured operators.

In September, Argo AI announced a number of tools and services designed to support autonomous delivery and work of robotaxi.

Lyft also considered the possibility of deploying ARGO vehicles with artificial intelligence on public roads.

Recall that in July 2021, Ford reported plans to launch a commercial service in Miami and Austin.

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