🪦 Dead
Argo AI
Startup failed · Backers Pulled Out · shut down October 26, 2022
- Born
- Died
- Lifespan
- 5y 11m
- Cause of death
- Backers Pulled Out
- Killed by
- Ford & Volkswagen
- Type
- Startup
Pittsburgh's self-driving champion, backed by roughly $1 billion from Ford and $2.6 billion from Volkswagen. Six years in, both backers decided that fully driverless cars were further away than they could keep paying for, declined to invest further, and absorbed its assets. Around 2,000 employees were offered jobs at the two carmakers; the company itself simply stopped.
Collateral damage: Roughly 2,000 staff were split between Ford and VW or let go; Ford took a $2.7B write-down.