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Ford makes Detroit’s Biggest Investment with a $1Million into a startup

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2017-02-16 Silicon Review

Ford has made an investment of $1 Million in the self driving technology which is the biggest one so far in the history of Detroit’s.  Thereby they are given a share in the profit of the startup Argo AI.

The startup called Agro AI was developed by two talented engineers from Google and Uber.  The startup being expertised in the field of Artificial Intelligence is planning on a strategy to develop a  software for self driving vehicles. 

Ford CEO Mark Fields is so optimistic and excited about the investment as he thinks it doesn’t compromise with their competitive advantages.  Salesky, the CEO of Argo AI  find it as a   useful platform for establishing business with people who are experienced in the same. 

Prior to this General Motors has made an investment of $1 billion on cruise and Uber has brought the autonomous trucking   Company  Otto for $680 million. Other than these investments, this is considered to be the one biggest in terms of Self Driving technology.                  

About the governing board seats both of them has reached to a mutual agreement.  Pittsburgh will remain as the headquarters of Agro AI , with Raj Nair as the proposed head of research and development.  Ford is preplanning their entry to the marketing of fully self driving cars by 2021. The automakers has invested in Velodyne, a maker of Lidar technology and also took hold of the on demand shuttle service chariot for less than $! Billion.

Although it was Google which was working on the self driving technology for a long time,  due to the errors in marketing, many of the officers  left to start their own companies. On the other hand Rander and Salesky who left  Waymo and uber were big losses to them . 

Discussions were made about the reason behind Rander’s departure from Uber as it was succeded by Uber gaining acquisition over Otto, a startup organization.

Both Salesky and Fields are so optimistic about the growth and the coordination between the two firms for gaining the complete marketing field of fully self driving cars at least by 2021.

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