Advancements in technology have been impressive, especially during the past decade. From smart phones to automated homes – and in the near future, there might even be self-driving cars, too. Just few days ago, Argo AI, a company based in Pittsburgh, received a USD 1 billion investment from Ford.
The Early Beginnings
The primary goal of the joint venture is to fully equip Ford vehicles with self-driving capabilities. They are not just trying to hire talent, but they are creating a separate company that has an independent equity structure.
Despite Argo AI being only a couple of months old, Ford boldly took a chance with them. Sources reveal that the team behind it has widespread experience in creating automated vehicles for companies, which is the fastest and best way for Ford to get access to self-driving talents.
The Distinct Responsibilities
Ford will mainly serve as their major stakeholder, but they will function with extensive independence. Their employees will receive equity and the investment will happen for the next five years.
According Salesky, Argo AI will be in charge of deploying and developing the latest breakthroughs in computer vision, machine learning and artificial intelligence. They will help create efficient and safe self-driving automobiles that allow advancements and more.
Salesky did admit that they will have to overcome significant challenges, but he says that their team is more than capable to face meaningful and hard problems to improve the globe. They know that they can only achieve their ambitions if they partner up with other companies with an open mind on how to address potential problems.
By 2021, the company is aiming for “full autonomy.” Only time will tell if this venture has indeed brought technology to new heights.