The company will partner with cities and
governments to augment public transit systems with on-demand,
door-to-door service.
TORONTO, Aug. 7, 2024
/CNW/ - Argo Corporation (TSXV: ARGH) (OTCQX: ARGHF), a new
technology venture by former Tesla, Uber, Facebook, and
Sidewalk Labs executives and engineers, today announced plans to
launch in the coming weeks with the first customers to benefit from
its intelligent, door-to-door, public transit solution. Argo will
partner with cities, transit agencies, and governments to increase
ridership to existing public transit systems and put people in
control of their mobility.
"Mobility within and across our cities is the lifeblood of our
economies and social fabric. It provides access to jobs,
healthcare, education, and our loved ones," said Praveen Arichandran, co-CEO and co-founder of
Argo. "With road traffic set to get significantly worse in the
coming years and decades, it's critical that we take cars off the
road by making public transit the most convenient way to get
around. We're bringing world-class technology talent back home to
Canada and are excited to partner
with cities and transit agencies, as well as provincial and federal
governments to showcase Canadian innovation and the future of
public transit on a global stage."
Argo's solution is the first to integrate custom software with
vehicular hardware to create a network of intelligently routed
vehicles that work together to serve and scale real-time to the
needs of entire cities. People will be in control of their mobility
with a simple mobile app delivering on-demand, door-to-door service
that is fully integrated with existing transit lines and
systems.
Argo will soon launch within the greater Toronto area, offering first- and last-mile
rides that will move commuters between their homes, workplaces and
train stations, alongside several programs for private schools.
These initial deployments will showcase Argo's vehicle tracking and
coordination technology, and the transparency and usability of its
app in collaboration with partners and city governments.
How it's different
Today, 50 percent of commuting time is spent on 10 percent of
the distance due to time spent walking, biking, or driving to the
nearest transit line and then waiting for the next scheduled stop.
By picking people up at their door via its simple on-demand app,
Argo will eliminate the need to walk or wait, driving increased
ridership to existing transit lines and taking cars off the road.
Argo is providing cities, transit agencies, and governments with an
end-to-end, vertically integrated solution including vehicle
hardware, software, charging, and operational support.
Why it matters
With rapid population growth and global urbanization, the
congestion on our roads and time lost in traffic are only set to
get worse in the coming decades. Argo will take cars off the road
by making public transit the most convenient way to get around.
Putting people in control of their mobility will enhance access to
jobs, healthcare, education, and their loved ones. A future where
public transit is the most efficient way to get around within and
across cities is one where our communities are quieter, cleaner,
and more prosperous for everyone.
The team
Argo's team and board bring senior leadership experience
building the world's leading technology and mobility companies
including Tesla, Uber, Facebook, and Sidewalk Labs. Much of Argo's
leadership team has returned home to Toronto from Silicon Valley to build this
global solution with its first deployments serving Canada.
Founders, board members and leadership include Praveen Arichandran (Tesla, Facebook),
Qamar Qureshi (Knowledgehook,
Sunlife Financial), Sisun Lee (Tesla, Facebook), Holly Lim (Google's Sidewalk Labs, SoundCloud),
Colette Bridgman (Tesla, Aurora),
Daniel Habashi (SSENSE, TikTok,
Instagram), Jeffrey Chen (TikTok,
LinkedIn), Helena Hua Cao (Meta),
Thanu Chandrarajah (Coursera,
Zynga) and Yulin Chen (Uber,
Google).
Learn more about Argo and its technology and team at
www.rideargo.com and follow the company on LinkedIn and Instagram
for updates.
About Argo
Argo is a new technology venture delivering the first-ever
vertically and publicly integrated city transit system designed to
augment public transportation and create a network of intelligently
routed vehicles that work together to serve and scale to the needs
of entire cities, putting people in control of their mobility. You
can learn more at www.rideargo.com.
Forward-Looking Information
This news release includes certain forward-looking statements as
well as management's objectives, strategies, beliefs and
intentions. Forward looking statements are frequently identified by
such words as "may", "will", "plan", "expect", "anticipate",
"estimate", "intend" and similar words referring to future events
and results. Forward-looking statements are based on the current
opinions and expectations of management. All forward-looking
information is inherently uncertain and subject to a variety of
assumptions, risks and uncertainties, as described in more detail
in the Company's securities filings available at www.sedarplus.ca.
Actual events or results may differ materially from those projected
in the forward-looking statements and we caution against placing
undue reliance thereon. We assume no obligation to revise or update
these forward-looking statements except as required by applicable
law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
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SOURCE ARGO CORPORATION
