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An Argo AI car performing a driverless take a look at journey in Austin, TX. | Source: Argo AI
Argo AI, the self-driving firm beforehand backed by Ford and VW, is closing down, based on studies from TechCrunch and confirmed by The Robot Report.
An Argo AI spokesperson gave this assertion from the corporate to The Robot Report, “In coordination with our shareholders, the decision has been made that Argo AI will not continue on its mission as a company. Many of the employees will receive an opportunity to continue work on automated driving technology with either Ford or Volkswagen, while employment for others will unfortunately come to an end.”
Argo AI’s founders, CEO Bryan Salesky and President Peter Rander informed its estimated 2,000 workers Wednesday throughout an all-company assembly that Ford and VW can be absorbing elements of the corporate, and that some workers would obtain affords from the 2 firms. Other workers have been informed they’d obtain severance packages that would come with insurance coverage and two separate bonuses, an annual award and a transaction bonus when the take care of Ford and VW closes, based on reporting from TechCrunch.
Salesky and Rander mentioned in an announcement, “We are incredibly grateful for the dedication of the Argo AI team, and so proud of our achievements together. The team consistently delivered above and beyond, and we expect to see success for everyone in whatever comes next, including the opportunities presented by Ford and VW to continue their work on automated driving technology.”
Ford and VW introduced right now of their respective third-quarter earnings calls that the businesses can be ending their investments within the self-driving firm.
Despite a spherical of layoffs earlier this 12 months in Argo AI’s Washington D.C. operation, the corporate had lately expanded its robotaxi providers by beginning operations in Austin, Texas. It even had plans for a bigger business deployment in Las Vegas in 2023.
Salesky and Rander based Argo AI in 2016 as a spin-out from Carnegie Mellon University and got here out of stealth in 2017 with a $1 billion funding from Ford. Since then, it has raised one other $2.6 billion, primarily from Ford and VW, and secured partnerships with Walmart and Lyft.