Date: 2 weeks ago   Category: Hi-Tech

The developer of systems for Argo AI self-driving cars received from Volkswagen of investment and assets of $2.6 billion


The carmaker will own a startup on an equal basis with Ford which invested in Argo AI in 2017.

the Pittsburgh startup of Argo AI developing the platform for self-driving cars attracted investments and assets from Volkswagen Group for $2.6 billion. Writes TechCrunch about it.

the Argo AI UAV on the basis of Ford

the Transaction became a part of partnership between Volkswagen and Ford, the shareholder of Argo AI who enclosed in a startup of $1 billion in 2017. In July, 2019 carmakers agreed about cooperation in development of UAVs, electric vehicles and other technologies.

Within the transaction of Volkswagen invests $1 million in the capital of Argo AI and also will transfer to a startup the affiliated division of Audi Autonomous Intelligent Driving created for development of technologies of UAVs. The parties estimated AID at $1.6 billion. The company headquarters in Munich will become the European branch Agro AI.

Both carmakers will own equal shares in a startup, still the part of shares will be received by employees. The size of shares not of the party is not disclosed. After the transaction assessment of Argo AI increased to $7 billion

Argo AI will develop pilotless technologies for both carmakers, concerning them as to different clients.

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