The time of Artificial Intelligence has been thriving since the past decade. There have been different artificial intelligence that was built. And now, most of the companies are still betting for more of these technological advances.
In terms of digital and smart speakers, companies like Amazon, Google, Apple, and Microsoft are in the race for AI acquisitions for its development.
Self- driving cars were also striving to be built and be seen on the road this year. Companies are investing to realize the 2020 prediction of driverless cars on the road. And, one of the companies that are eager to produce AI cars is the Argo AI which already hit the valuation of $7.5 billion.
It was three years ago when the company came out along with the $1 billion investment fund of Ford. Argo AI was founded by Bryan Salesky, who was once part of the self-driving project of Google as the director of hardware development. He founded it together with once was the head of engineering of Uber Advanced Technologies Group, Peter Rander.
Argo has been developing Ford’s self-driving cars extended with VW Group, who have finalized their investment to $2.6 billion on the project. In the case of the two companies’ ownership stakes, they both have 40% each overtime and the remaining for Argo.
The deal between the VW Group has helped Argo to be a global company and to grow its offices in Detroit, Palo Alto, and Cranbury, N.J. plus and an additional office in Munich. Since the VW Group’s Autonomous Intelligent Driving (AID) immersed with Argo AI. It has already started mapping and testing on public roads in Pittsburgh, Washington, D.C, Austin, and Miami.
The companies that are part of the Argo project have known that the project will still take a lot of effort, time, and money. However, Argo and partners have already anticipated worse case situations that despite the struggles in making self-driving cars on the road, the companies are ready to commit as others have made, said Jim Hackett, CEO of Ford.
One of the reasons why the companies are still investing despite the struggles to make the self-driving car is the overall profit that they could get if it happens because it could somehow change the future of the world.