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Ford to invest $1 billion in Argo AI

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In a bid to catch up with rivals in the self-driving car race, Ford is investing $1 billion during the next five years in Argo AI, a Pennsylvania-based startup specialising in robotics and artificial intelligence. Founded by two top engineers from Google and Uber, Argo AI will work to develop a virtual driver software platform for Ford’s fully autonomous vehicles which are scheduled to be launched in 2021. The deal is Ford’s largest investment in autonomous technology, which includes its recent acquisition of Chariot for less than $1 billion as well as a multi-million investment in Velodyne. The deal follows General Motors’ purchase of Cruise Automation, a startup developing self-driving cars and Uber’s acquisition of Otto, another self-driving startup focused on trucks.