Benzinga | Dec 14, 2021 08:09AM EST

AGCO Reports 2.53% Equity Investment In Apex.AI, No Terms Disclosed

AGCO, Your Agriculture Company, (NYSE:AGCO), a worldwide manufacturer and distributor of agricultural machinery and precision ag technology, announced that it has made a 2.53% equity investment in Apex.AI, an emerging leader in safety-certified software for mobility and driverless vehicles.

Apex.AI has differentiated itself with its software products by making it possible and easier for solutions providers to implement safety critical software into on-road and off-road vehicles. Based on proven open-source software, Apex.AI's software enables its customers to focus on developing value adding applications, while Apex.AI provides a strong development infrastructure. With a focus on enabling driverless vehicles, Apex.AI launched its first award-winning product Apex.OS in 2020 and achieved functional safety certification in record time. Since then, Apex.AI also has launched its Apex.Middleware product, which integrates all vehicle communication needs and enables the future deployments of semi-autonomous or driverless vehicles.

"AGCO's investment in Apex.AI further demonstrates our commitment to developing value-adding solutions for our customers that adhere to the most stringent standards and reliability requirements," said Eric Hansotia, AGCO's Chairman, President and Chief Executive Officer. "We are excited to invest in Apex.AI's team as it paves the way for driverless vehicles throughout the agriculture and automotive industries."