Allan Benchetrit, president and CEO of Algolux, and Peter Vaughan Schmidt, Torc CEO, on acquisition signing day. Photo: Torc Robotics.
Torc Robotics signed an agreement to acquire Algolux, citing the Canadian company’s award-winning intellectual property and its computer vision and machine learning expertise among its reasons to pursue an acquisition. Torc is an independent subsidiary of Daimler Truck AG focused on commercializing self-driving technology.
“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
As described in a press release, Torc and Algolux have been working for over a year on multiple projects related to improving object detection and distance estimation. As of this writing, Algolux software operates on Freightliner Cascadia test vehicles and is included in Torc’s software development efforts. “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,” reads a statement from Torc Robotics.
“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,” said Allan Benchetrit, Algolux President and CEO.
The transaction will conclude after the parties complete various pre-closing activities, including any required approvals. Torc Robotics, headquartered in Blacksburg, Virginia, operates test facilities in Albuquerque, New Mexico, and engineering offices in Austin, Texas, and Stuttgart, Germany. Algolux is headquartered in Montreal, Canada, with offices in Palo Alto, California, and Munich, Germany.