Pittsburgh-based artificial intelligence company Argo AI has secured $2.6 billion in funding, according to company database Crunchbase, topping the city’s recent funding headlines. The cash infusion was announced July 12 and financed by Volkswagen Group.
According to its Crunchbase profile, "Argo AI is building self-driving technology to improve the way the world moves. Since we began in 2016, we’ve partnered with leading companies in the automotive sector to make vehicles safer, more affordable, convenient and accessible for everyone — regardless of age or ability to get behind the wheel."
The four-year-old startup also raised a $1 billion round in 2017.
Over the past year, 14 Pittsburgh-based artificial intelligence companies have secured venture funding, totaling $2.6 billion in new investment to the local industry.
In other local funding news, artificial intelligence company RoadBotics announced a $7.5 million Series A funding round on July 17, led by Radical Ventures.
According to Crunchbase, "RoadBotics is an industry leader in road assessments. At RoadBotics, we provide objective road assessments to over 100 customers across the world and help them fix the right roads at the right time. Our mission is to drive objective infrastructure decisions and help improve critical infrastructure that impacts people’s lives every day."
Founded in 2016, the company has raised four previous rounds, including a $3.9 million seed round in 2018.
Meanwhile, therapeutics company Cognition Therapeutics raised $3.3 million in grant funding, announced on July 15. The round was financed by National Institute on Aging.
From the company's Crunchbase profile, "Cognition Therapeutics, Inc. is focused on the discovery and development of small molecule therapeutics targeting the toxic proteins that cause the cognitive decline associated with Alzheimer's disease and other degenerative diseases of the human brain. Toxic proteins play a crucial role in a large class of disease targets, and there are currently no therapeutics available to prevent toxic protein accumulation or block their destructive effects. Cognition is founded on the unique combination of biological expertise around these targets, including proprietary assays that emphasize functional responses and proprietary medicinal chemistry that insures novel, high-quality, small-molecule drug candidates."
Cognition Therapeutics last raised $16 million in a grant in 2018.