Ford Makes $1 Billion Bet On Artificial Intelligence Startup As Recruiting Tool
- The artificial intelligence startup will operate semi-independently while developing the virtual driver platform for the automated vehicles that Ford has promised to start producing by 2021.
- The existing engineers working on Ford’s platform will move over to the Argo AI team to become core employees of that company.
- Since Argo has only existed for a few months, it’s unlikely that the company has built a complete system that would replace what Ford already has.
- Instead, it appears that Ford saw an opportunity with Argo to put in place a corporate structure that would enable it to tackle one of the thorniest issues that the auto industry faces in the race to deploy advanced technology: recruiting.
- Ford CEO Mark Fields acknowledged on the call that an Argo IPO at some stage is a possibility if the company succeeds.
Over the past 4 years, Ford has made a concerted effort to move from also-ran status to vying for the lead in the race to produce automated vehicles. The latest move by the company is a 5-year, $1 billion investment in Pittsburgh-based Argo AI.
@ExpenseRedux: Ford makes $1 billion investment in an artificial intelligence startup.
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