Permira Purchases Stake in Lytx

Permira has entered into a definitive agreement to acquire a majority stake in Lytx. The transaction values the company, a provider of machine vision and AI powered video telematics, in excess of $2.5 billion.

Lytx’s target market, the video telematics industry, remains largely untapped, according to a press release from Permira. Only an estimated one million commercial vehicles are currently leveraging data derived from video telematics technologies — less than 1% of the 125.6 million commercial vehicles globally, according to research firm Frost and Sullivan.

“While Lytx has experienced rapid, double-digit growth in recent years, we’ve barely begun to scratch the surface of the addressable global market,” said Brandon Nixon, CEO of Lytx.

Among other applications, Lytx’s machine vision and artificial intelligence technologies are used to combat distracted driving by detecting behavior such as cellphone use and smoking with a high degree of accuracy.

Sheetak - Cooling at your Fingertip 11/24 MR

Published: January 2020

Glossary

machine vision: Machine vision, also known as computer vision or computer sight, refers to the technology that enables machines, typically computers, to interpret and understand visual information from the world, much like the human visual system. It involves the development and application of algorithms and systems that allow machines to acquire, process, analyze, and make decisions based on visual data. Key aspects of machine vision include: Image acquisition: Machine vision systems use various...
artificial intelligence: The ability of a machine to perform certain complex functions normally associated with human intelligence, such as judgment, pattern recognition, understanding, learning, planning, and problem solving.