Argo AI Founders Launch $1 Billion Autonomous Trucking Startup
Argo AI's founders bounce back, teaming up with SoftBank to start Stack AV, a $1 billion autonomous trucking venture.
Remember Argo AI, the self-driving car startup abandoned by Ford and Volkswagen? Well, guess what? The brains behind it are back, and they're diving into the autonomous trucking game with a cool $1 billion from SoftBank. Introducing Stack AV.
A Shifting Landscape
It might seem like an odd time to jump into autonomous trucking, given recent struggles in the industry:
- Embark Trucks ran out of cash.
- Alphabet shifted its focus from Waymo Via to ride-hailing.
- TuSimple ponders leaving the U.S. market.
Incoming Stack AV
Meet Stack AV, the Pittsburgh-based startup with big plans. And they've got some real credibility.
- Bryan Salesky, founder and CEO, knows the game.
- They're swimming in SoftBank's cash pool.
But there's work to do. Even with their talent, catching up won't be a cakewalk, says Mike Ramsey from Gartner Inc.
A Financial Cushion
SoftBank's investment gives Stack AV a comfy financial cushion. The freeze-up of venture capital might be thawing, and that's good news for the industry. Stack AV wants to shake things up: boosting efficiency and safety, smoothing out supply chains, and maximizing transportation routes and energy efficiency. They've got their eyes on last-mile and middle-mile deliveries, too.
SoftBank's not just throwing money at them; they're sharing their AI expertise to supercharge Stack AV's growth and tech developments. Kentaro Matsui from SoftBank says AI is the future, linking all social systems to solve complex issues.
Stack AV's leadership has decades of experience. With 150 employees in multiple states, they're rolling into the trucking space with confidence.