Torc to acquire Canadian computer vision firm
Algolux focuses on perception tech for driving solutions
Blacksburg-based Torc Robotics on Tuesday announced it will acquire Montreal-based computer vision company Algolux Inc.
A purchase price was not disclosed.
Torc, a self-driving truck company, is an independent subsidiary of Daimler Truck AG. Torc said in a news release that it is acquiring Algolux for its expertise in computer vision and machine learning. Algolux focuses on machine learning tools and AI software products to advance driver assistance systems and autonomous vehicles.
“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,” Torc CEO Peter Vaughan Schmidt said in a statement.
Torc has worked with Algolux for more than a year on multiple perception concepts and methods to improve object detection and distance estimation, while evaluating synergies between the two companies. Perception technology is key to helping Torc’s autonomous system correctly identify objects in challenging conditions including low light, fog, or inclement weather. Algolux software is currently operating on initial Freightliner Cascadia test vehicles and is being included in Torc’s software development.
“Torc shares in our commitment to create robust technology to realize the potential of autonomy and help save lives, which is one of the many reasons why joining forces makes sense for our teams, ” Algolux President and CEO Allan Benchetrit said in a statement. “Algolux’s established team with deep expertise in artificial intelligence/machine learning talent and perception complements Torc’s already experienced engineering team.”
Algolux is headquartered in Montreal with offices in Palo Alto, California, and Munich, Germany. The transaction will close after the parties complete pre-closing activities, including required approvals.
Last week, Torc announced it hired Michelle Chaka as senior vice president overseeing safety and regulatory matters.