STOCKHOLM, Dec. 22, 2022 /PRNewswire/ -- Hexagon AB, a global leader in digital reality solutions combining sensor, software and autonomous technologies, today announced the acquisition of LocLab, a leader in 3D digital twin content creation.
LocLab's proprietary technology, enabled by a high degree of automation using proven workflows and artificial intelligence, allows the cost- and time-efficient creation of digital twins.
LocLab's in-house developed toolchain can leverage several data input formats to balance speed, cost and accuracy – such as terrestrial videogrammetry, survey data and point clouds – but only requires photographs or videos at minimum. Videogrammetry is a highly scalable method that comes in handy when survey accuracy is not needed and speed is preferred. Whether creating 3D models of machines, buildings and manufacturing facilities or large-scale areas such as transportation networks or entire cities, the AI software compares detected objects with LocLab's vast object library of 3D elements (street objects, building components, rail equipment, etc.) to semi-automate the creation of a semantically enriched 3D model (i.e., adding context and descriptive elements).
"We continue to advance the utility and potential of the digital twin. We call it the Smart Digital Reality," says Hexagon President and CEO Ola Rollén. "Like any digital twin, it provides an intuitive 3D hub for data management and information. But it has traits not always associated with digital twins: it's data-rich, kept up to date in real-time, and workflow-driven, making it seamlessly accessible. And most importantly, it's autonomously intelligent, meaning it can implement physical world actions independent of human intervention."
"The foundation of any smart digital reality is the underlying 3D model. If not already part of one of our solutions or readily available via our content program, it can be time and resource-intensive to create," continued Rollén. "LocLab's semi-automated modelling process with AI-based object recognition from video data and its enormous library of 3D digital content offers tremendous time savings and cost efficiencies."
The acquisition brings the previously announced partnership between Hexagon and LocLab to the next level. It strengthens Hexagon's ability to make the Smart Digital Reality more accessible to new and existing customers while providing LocLab's customers with a proven platform for hosting, sharing and keeping 3D digital twins up to date.
"The integration of LocLab's 3D digital content with HxDR, our cloud-based storage, visualisation, and collaboration platform, will drive HxDR's expansion as a leading digital reality platform within transportation, construction, urban planning, and many other industries," continued Rollén. "Altogether, LocLab's capabilities nicely complement our leading reality capture and software portfolio while also offering LocLab global scalability opportunities through our expansive sales and partner network."
Headquartered in Germany, LocLab serves some of the world's largest transportation, construction, and design consultant companies. LocLab will operate as part of Hexagon's Geosystems division. Completion of the transaction (closing) is subject to customary regulatory approvals. The acquisition has no significant impact on Hexagon's earnings.
For further information, please contact:
Anton Heikenström, Investor Relations and Business Analyst, Hexagon AB, +46 8 601 26 26, ir@hexagon.com
Kristin Christensen, Chief Marketing Officer, Hexagon AB, +1 404 554 0972, media@hexagon.com
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