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- Argo AI
Argo AI Valuation, Funding & Investors
Argo AI is not operational anymore. Its last reported valuation was $12B as of July 2021.
Last Argo AI valuation
$12B
Strategic investment · Jul 2021
Last Argo AI funding round
Strategic investment
Amount undisclosed · Jul 2021
Cumulative funding Argo AI raised
$3.6B
across 3 funding rounds
Key investors in Argo AI
About Argo AI
Argo AI was a Pittsburgh-based developer of self-driving technology founded in 2016 by Bryan Salesky and Peter Rander, former engineers at Google and Uber. It built the full virtual driver system for autonomous vehicles, including machine-learning software, lidar and other sensors, compute hardware and high-definition maps, and tested vehicles in several United States and European cities. Ford and Volkswagen were its principal shareholders, and Lyft partnered with it on robotaxi services. After failing to attract new investors, Ford and Volkswagen stopped funding the company and it was wound down in October 2022.
Founded
2016
HQ
Website
Status
Closed
Customer focus
B2B
Revenue model
Licensing
Valuation
$12B (Jul 2021)
Argo AI Valuation
Argo AI is insolvent and not operational anymore. Read the announcement ↗
Argo AI was last valued at $12B, based on its strategic investment round in July 2021. Read the announcement ↗
The round was led by Lyft.
Argo AI's valuation grew 1.8x from $7B at its strategic investment round in July 2019 to $12B in July 2021, across 2 priced rounds.
Argo AI valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Oct 2022 | Write-down · Insolvency | $0 |
| Jul 2021 | Strategic investment | $12B |
| Jul 2019 | Strategic investment | $7B |
Argo AI Funding History
Before winding down, Argo AI has raised a total of $3.6B across 3 funding rounds.
Argo AI's first fundraising round was a $1B undisclosed-stage round in February 2017. The most recent completed round was a strategic investment round in July 2021.
Argo AI funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2021 | Strategic investment | Lyft (lead) | - | $12B | On 21 July 2021 Lyft, Ford and Argo AI announced a partnership under which Argo AI's self-driving system, installed in Ford vehicles, would be offered to riders on the Lyft network, starting in Miami later that year and in Austin, Texas, in 2022, with plans for as many as 1,000 robotaxis across multiple US cities over five years. As part of the arrangement Lyft received a 2.5 percent equity stake in Argo AI in exchange for ridership and safety data. The partnership lifted Argo's valuation to USD 12.4 billion, according to people familiar with the matter, up from roughly USD 7 billion at the time of Volkswagen's 2019 investment. The agreement gave Argo access to Lyft's demand network and operating data, while Ford and Volkswagen, which each owned about 42 percent of Argo, remained its major shareholders. Argo AI, headquartered in Pittsburgh and founded in 2016 by Bryan Salesky and Peter Rander, had been backed by a USD 1 billion Ford commitment in 2017 and a USD 2.6 billion Volkswagen investment in 2019. Argo was wound down in October 2022 after Ford and Volkswagen declined to fund it further. |
| Jul 2019 | Strategic investment | Volkswagen (lead) | $2.6B | $7B | Argo AI is a Pittsburgh-based autonomous vehicle technology platform company founded in 2016. In July 2019, Volkswagen Group announced a $2.6 billion investment in the company, consisting of $1 billion in cash funding plus the contribution of VW's $1.6 billion Autonomous Intelligent Driving (AID) division based in Munich. This investment valued Argo AI at more than $7 billion and established Ford and Volkswagen as equal partners in the company, with remaining equity reserved for employees. The deal expanded Argo AI's workforce by approximately 200 engineers from VW's Munich-based autonomous driving unit, bringing total headcount to over 700 employees. Argo AI positioned itself as the first self-driving company with definitive deployment plans in both the United States and Europe, leveraging technology development expertise from both automotive giants to accelerate autonomous vehicle commercialization. |
| Feb 2017 | Undisclosed stage | Ford (lead) | $1B | - | Argo AI, a new artificial intelligence company focused on developing the virtual driver system—the machine-learning software, sensors, compute platform, and high-definition maps for autonomous vehicles—was launched with Ford's $1 billion investment announced on February 10, 2017. Ford, the lead and majority investor, committed the funds over five years as part of its autonomous vehicle capital allocation plan, combining its virtual driver team with Argo AI's robotics expertise to accelerate SAE level 4 self-driving vehicle development. Ford retained leadership on hardware platform, systems integration, manufacturing, design, and regulatory policy. Argo AI was structured for substantial independence, with significant equity for employees and a board including Ford executives, Argo founders, and an independent director. The company planned to grow to over 200 team members by year-end 2017, based in Pittsburgh with sites in Michigan and the Bay Area. This investment positioned Ford to commercialize self-driving tech and potentially license it to others. |
Who has invested in Argo AI?
3 investors have backed Argo AI across its funding rounds, including Volkswagen, Ford and Lyft.
Lead investors include Lyft, Volkswagen and Ford.
Argo AI Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Lead | Jul 2019 | ||
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Start Free TrialAcquisitions by Argo AI
Argo AI has acquired 2 companies to date.
Last acquisition by Argo AI was on July 12th 2019. Argo AI acquired Autonomous Intelligent Driving for $1.6B.
Latest Acquisitions by Argo AI
| Description | Autonomous Intelligent Driving is a European developer of software solutions for fully autonomous urban driving. Founded in 2017, the company produces ready-to-deploy software stacks that enable Level 4 and Level 5 autonomy in complex city environments. Its platform handles perception, planning, and control using AI models trained on diverse urban datasets, including pedestrian-heavy areas and dynamic traffic. Distributed through partnerships with vehicle integrators, the solution supports retrofitting into existing fleets for robotaxi and delivery applications across European cities. | Princeton Lightwave is a developer of indium phosphide-based single-photon counting detectors and cameras for quantum technologies, lidar, and 3D sensing. Cranbury, New Jersey-based, it manufactures free-space and fiber-coupled avalanche photodiode arrays operating at 900-1700 nm wavelengths. The products enable secure communications, fluorescence lifetime imaging, and autonomous vehicle sensing for research institutions and defense contractors. |
| HQ Country | ||
| HQ City | Munich | Cranbury, NJ |
| Deal Date | 12 Jul 2019 | 27 Oct 2017 |
| Valuation | $1.6B | $53M |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Argo AI acquisitions and their M&A valuation multiples. Start Free Trial | ||
Argo AI Competitors
Argo AI competitors included listed companies like SUPA Consolidated, Embention, Innoviz and Arbe Robotics, and private ones like Tenet Industries and KINNOVIA.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | - | ($233K) | $11M | - | ||
| Publicly listed | $15M | $8M | $195M | - | ||
| Publicly listed | $55M | ($62M) | $63M | 0.7x | ||
| Publicly listed | $1M | ($48M) | $56M | 11.0x | ||
| Private | - | - | $2M | - | ||
| Private | - | - | $1M | - |
Argo AI Public Comps
Argo AI is defunct now, but its public comps included Micromobility com, Getaround, Semilux International, MoveByBike Europe, Foresight Autonomous, Autonomix Medical, Arrive AI and Droneacharya Aerial.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1M | $844K | 5.1x | - | 8.6x | - | |||
| $73M | ($101M) | 0.0x | - | 0.0x | - | |||
| $4M | ($4M) | 0.9x | - | (0.8x) | - | |||
| $3M | $142K | 0.9x | - | 21.4x | - | |||
| $398K | ($12M) | - | - | - | - | |||
| - | ($17M) | - | - | - | - | |||
This data is available for Pro users. Sign up to see all Argo AI competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Argo AI
| What happened to Argo AI? | Argo AI is not operational anymore and insolvent as of 26 October 2022. |
| When was Argo AI founded? | Argo AI was founded in 2016. |
| Where was Argo AI headquartered? | Argo AI was headquartered in Pittsburgh, PA, United States. |
| Was Argo AI publicly listed? | No, Argo AI was a private, VC-backed company. |
| What was Argo AI's valuation? | Argo AI was last valued at $12B in its strategic investment round in July 2021. |
| How much did Argo AI raise? | Argo AI raised $3.6B across 3 funding rounds. |
| What was Argo AI's last funding round? | Argo AI's last funding round was a strategic investment round in July 2021, led by Lyft. |
| Who were Argo AI's investors? | Argo AI's investors included Volkswagen, Ford and Lyft. |
| Who were Argo AI's competitors? | Argo AI's competitors included SUPA Consolidated, Embention, Innoviz, Arbe Robotics, Tenet Industries and KINNOVIA. |
| How many companies did Argo AI acquire? | Argo AI acquired 2 companies, including Autonomous Intelligent Driving and Princeton Lightwave. |
| What was the largest acquisition by Argo AI? | The $1.6B acquisition of Autonomous Intelligent Driving in July 2019 was the largest acquisition Argo AI made. |
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