Volkswagen AG’s investment in Argo AI has closed, which solidifies the Pittsburgh-headquartered business’s capital position and differentiates it as the only self-driving technology platform company with partnerships and commercial agreements, via Ford and Volkswagen, for deployment across the U.S. and Europe.
The deal announced in July 2019 stated that Volkswagen would invest $2.6 billion in Argo AI by committing $1 billion in funding and contributing its Autonomous Intelligent Driving company, valued at $1.6 billion.
The Munich, Germany-based team, serving as the company’s European headquarters, brings Argo AI’s employee base to more than 1,000 people worldwide.
Munich is Argo AI’s fifth engineering center, building on the teams in Pittsburgh, Detroit, Palo Alto, California, and Cranbury, New Jersey. The company also maintains fleet operations in Miami, Washington, D.C., and Austin.