Ford recently announced an investment of total $1B in an artificial-intelligence company to foster the development of its self-driving car technology. Ford gave a statement that the deal combines a group of Ford's virtual driver system along with Ford employees.
According to USA Today, the CEO of Ford Mark Fields and Agro AI executives decline to say exactly how much money Ford is going to pay to become a majority stakeholder in Agro AI or even how many employees currently working for the startup. But the company gave a rough expenditure of $1B which will be deployed over a period of five years.
The main focus is of making the brightest mind work on the project to develop self-driving intelligence. "This is a unique partnership", Mark Fields, Ford's executive chief officer said in an interview.
A lot of companies are looking for customers and a lot of OEMs are looking for technology partners. Thus Argo AI is getting Ford as a customer.
According to Market Watch, Ford last year announced to sell driverless cars by 2021. Mark Fields made an announcement "The next decade will be defined by the automation of the automobile, and autonomous vehicles will have as significant an impact on society as Ford's moving assembly line did 100 years ago."
This collaboration is said to be a partnership of speed of a startup with Ford's strengths in scaling system integration, technology, and vehicle design. It is also said that the employees will have equal participation which will enable them in sharing its success.
Ford made a statement that hopefully by the end of this year Argo AI will have more than 200 team members. Ford is simply making its decisions for a good company future as well driving its driverless cars market positively with spending a huge amount, which can also be called as an investment.
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