A promising autonomous vehicle company that had raised billions of dollars has suddenly folded.
Argo AI, headquartered in Pittsburgh, had been considered an up-and-coming startup. News of its shutdown came as its main backers, Ford and Volkswagen, decided to no longer invest.
“The shutdown of Argo AI was a big shock to the Pittsburgh community, especially because they were kind of seen as a Cinderella story for autonomous vehicle companies, growing up with homegrown talent and getting on the national stage, being based here in Pittsburgh,” said Stan Caldwell, Executive Director of Traffic21, a traffic research institute with Carnegie Mellon University…
With that said, he doesn’t expect the industry to take a downward turn.
“I believe the industry is still going to be thriving, here in Pennsylvania and nationally,” he said. “But this has just been such a volatile industry. This is a very new industry. And there are a lot of players that continue to come in and out.”