Ford just invested $1 billion in a secretive AI startup founded by former Google and Uber execs

Ford is investing $1 billion in a secretive artificial intelligence startup headed by former Google and Uber execs to advance its self-driving car efforts. The startup, Argo AI, was founded by Bryan Salesky, the former director of hardware for Google's self-driving-car efforts, and Peter Rander, Uber's engineering lead at its autonomous cars center. Argo AI is based in Pittsburgh, Penn. The $1 billion investment will be spread out over five years as Ford looks to commercialize its self-driving technology by 2021. According to Ford Chief Technical Officer Raj Nair, $1 billion is what it costs to develop advanced autonomous technology, and the investment is consistent with what Ford said its capital allocation in the space would be when it presented information to investors last year.