Self-Driving Startup 🚗 Argo AI Lays Off 150 Employees

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Self-Driving Startup 🚗 Argo AI Lays Off 150 Employees

Scott D. Clary | Daily Business, Tech & Finance Newsletter

This is a daily newsletter that covers trending business, tech and finance stories. If you enjoyed the newsletter, please share it with a friend who’d find it useful.

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Self-Driving Startup 🚗 Argo AI Lays Off 150 Employees

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Argo AI, an autonomous vehicle startup backed by both Ford and Volkswagen, has laid off about 150 employees as it makes adjustments to its business plans.

The layoffs at the US-based autonomous vehicle (AV) technology startup account for about 5% of its 2,000+ strong global workforce.

The layoffs were widespread, affecting digital media & communications employees, talent recruiters, as well as members of its operations teams.

“With incredible growth and progress made in our mission to deploy driverless vehicles, we are making prudent adjustments to our business plan to best continue on a path for success,” the company said in an email statement while confirming layoffs.

Ford invested $1 billion into Agro AI in 2017, and Volkswagen followed up with a $2.6 billion investment in 2020. The funding helped the startup to develop its AV business in several US cities as well as overseas.

While Agro AI has laid off 150 employees, the company is still hiring and has several positions open in engineering, legal, technical program management, and fleet operations, according to reports.

Ford Recalls More SUVs And Hybrid Vehicles For Possible Engine Fires 🔥

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Ford Motors is recalling certain models of the Ford Escape, Maverick, and Lincoln Corsair due to the risk of under-hood fires.

The recall affects over 100,000 vehicles in the US, all of which come with a 2.5-liter hybrid/plug-in hybrid (HEV / PHEV) engine manufactured between 2020 and 2022.

Ford issued the recall order to check potential fire risks in the suspected vehicles, its second in about 10 days after the company had issued a similar recall order covering 60,000 units.

At the time of the first recall, the automaker was unaware of what was causing the fires. But in its latest recall, the company said it has traced the cause.

The potential problems in the recalled units pertain to a situation where engine oil and vapor may emanate in case of an engine that could ignite into the under-hood fire if it’s near a fire source.

Ford has reportedly asked dealers to fix the engine shield and grille shutters to negate the issue. So far, there have been no injuries reported due to the potential risk.

US 🇺🇸 Tops Crypto ATM Installations And BTC Hash Rate Globally 🥇

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Despite geopolitical tensions as well as uncertainty around cryptocurrency regulations, the United States still plays a major role in sustaining the Bitcoin and crypto ecosystem.

The U.S. also maintains the top position in terms of hash rate contribution and ATM installations globally.

Before the Chinese government imposed a ban on bitcoin mining, the country historically represented more than 50% of the total hash rate up until February last year.

With China moving out of the crypto market, the U.S. became the highest BTC hash rate contributor, representing 37.84% of the total mining power by Jan 2022.

Additionally, the US has become the leader in the number of ATM installations, representing about 88% of the total crypto ATM installations globally.

Nearly 90% of the overall crypto ATMs installed in the first 10 days of the month are in the US, according to data from Coin ATM Radar.

While the price of Bitcoin has been falling in recent months, it looks like one sector has been particularly booming — Bitcoin ATMs.

Cardiac Care Startup Moving Analytics Nabs $20 Million In Series A Funding 💰

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Moving Analytics (Movn), a provider of home-based post-acute care management solutions for cardiopulmonary diseases has secured $20 million in its Series A funding round.

The funding was led by Wellington Access Ventures and Seae Ventures, along with participation from Philips Ventures.

Founded by Harsh Vathsangam, Ade Adesanya, and Shuo Qiao, Moving Analytics is a provider of virtual cardiac rehabilitation services to help patients recover after a heart attack or heart surgery.

It has positioned itself to take advantage of rapid growth opportunities arising from increased interest in telehealth services.

The U.S.-based company aims to give patients recovering from heart attack and heart disease an alternative to home treatment with managed support over a 12-week course.

Founded as a healthcare provider, Movn contracts with various insurance partners, including Allegheny Health Network, Kaiser Permanente, and CDPHP, among others. It currently operates in 14 U.S. states with approximately 4,000 patients.

Movn will use the latest proceeds to expand its coverage across all 50 states, hire staff, and begin implementing bilingual programming to serve marginalized communities.

Around the Web 🌐

Axie Infinity Volume Surges 205% in Past Seven Days: Axie Infinity, a play-to-earn (P2E) metaverse game, has seen its non-fungible token (NFT) sales volume surge by 205% over the past seven days. The platform generated $1.3 million worth of sales over the past seven days from a total of 23,100 buyers, according to data from CryptoSlam.



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