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Ford investing $1 billion in start-up
Ford is investing $1 billion over five years in a months-old start-up with no other funders that was founded this winter by two pioneers in the nascent autonomous vehicle sector.
The Pittsburgh-based artificial intelligence company Argo AI will develop the brains - specifically a virtual driver system - for Ford's autonomous vehicles, which the automaker has promised to bring to market in 2021.
Founders Bryan Salesky and Peter Rander are former leaders of the self-driving car teams at Google and Uber.
A lot of tech companies are looking for customers and a lot of OEMs are looking for technology partners. We are getting expertise, and Argo AI is getting a customer in Ford,” said Mark Fields, Ford's CEO.
Ford Taurus cars are seen during a presentation at the 16th Shanghai International Automobile Industry Exhibition in Shanghai, April 21, 2015. REUTERS/Aly Song/File Photo
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