Ford to Invest $1 Billion in Artificial Intelligence Startup Argo AI

Ford Motor is spending $1 billion to take over a budding robotics startup to acquire more expertise needed to reach its ambitious goal of having a fully driverless vehicle on the road by 2021. The big bet announced Friday comes just a few months after the Pittsburgh startup, Argo AI, was created by two alumni of Carnegie Mellon University's robotics program, Bryan Salesky and Peter Rander. The alliance between Argo and Ford is the latest to combine the spunk and dexterity of a technologically savvy startup with the financial muscle and manufacturing knowhow of a major automaker in the race to develop autonomous vehicles. Last year rival General Motors paid $581 million (roughly Rs. 3,890 crores) to buy Cruise Automation, a 40-person software company that is testing vehicles in San Francisco. The Argo deal marks the next step in Ford's journey toward building a vehicle without a steering wheel or brake pedal by 2021 - a vision that CEO Mark Fields laid out last summer.