BLACKSBURG, Va. — Torc Robotics, a self-driving vehicle technology company, has announced an agreement to purchase Algolux Inc.
The transaction will close after the parties complete various pre-closing activities, including any required approvals, according to a news release.
Algolux bills itself as a “computer vision and machine learning,” the news release stated.
Allan Benchetrit, Algolux president and CEO, said that Torc shares in Algolux’s vision of creating autonomous technology that can help save lives.
That “is one of the many reasons why joining forces makes sense for our teams,” he added. “Algolux’s established team with deep expertise in artificial intelligence/machine learning talent and perception complements Torc’s already experienced engineering team.”
Torc CEO Peter Vaughan Schmidt said he is “thrilled” to welcome Algolux to the Torc family.
“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,” he said.
Felix Heide, Algolux CTO, said the acquisition “brings together Algolux’s end-to-end AI (artificial intelligence) stack, from photons to behavior, with Torc’s pioneering autonomous technology. Add in a tightly integrated OEM truck platform and you have a dream scenario. 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.”
According to the news release, “Torc has been working closely with (Algolux) for more than 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 software is currently operating on initial Freightliner Cascadia test vehicles and is being included in areas of Torc’s software development efforts.”
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