Torc Robotics Announces Agreement to Acquire Algolux
Torc Robotics, an independent subsidiary of Daimler Truck AG and a pioneer in commercializing self-driving vehicle technology, announced an agreement to acquire Algolux Inc. Torc is acquiring Algolux for its award-winning intellectual property and expertise in the areas of computer vision and machine learning.
“We’re thrilled to welcome Algolux to the Torc family,” said Peter Vaughan Schmidt, Torc CEO. “Algolux’s technology, at the intersection of deep learning, computer vision, and computational imaging, will help Torc strengthen key capabilities toward our commercialization of Level 4 autonomous trucking.”
“Algolux’s established team with deep expertise in Artificial Intelligence/Machine Learning (AI/ML) talent and perception complements Torc’s already experienced engineering team,” said Allan Benchetrit, Algolux president and CEO.
“While many think of autonomous transportation as futuristic, this winning combination will help bring to market a commercially viable, safety-critical long-haul trucking application at scale,” said Felix Heide, Algolux CTO.
Algolux has been named to the 2021 CB Insights AI 100 List of the world’s most innovative artificial intelligence startups. Torc has been working closely with the company for over a year on multiple perception concepts and methods for robustly improving object detection and distance estimation, while evaluating synergies between the two companies. Robust perception technology is key to helping Torc’s autonomous system correctly identify objects in difficult visual conditions such as low light, fog, or inclement weather.
Algolux is headquartered in Montreal, Canada, with offices in Palo Alto, CA, and Munich, Germany. The transaction will close after the parties complete various pre-closing activities, including any required approvals.
For more details on Torc Robotics robotic solutions, visit its website here.. To learn more about Algolux and its software offerings, visit its website here.
– Article by Thomas Atwood