Torc Robotics, an independent subsidiary of Daimler Truck AG, has signed an agreement to acquire Algolux Inc. Torc says it is acquiring Algolux for its intellectual property and expertise in the areas of computer vision and machine learning.
According to a press release, Algolux was 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 improving object detection and distance estimation while evaluating synergies between the two companies, the companies say.
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, Torc says. Algolux software is currently operating on initial Freightliner Cascadia test vehicles and is being included in areas of Torc’s software development efforts.
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.
