Altair, LG Electronics Collaborate to Accelerate Digital Transformation with AI-based Simulation for Product Development

Rhea-AI Summary

Altair (Nasdaq: ALTR) has signed a memorandum of understanding with LG Electronics to enhance digital transformation in product development. This collaboration focuses on creating a simulation platform and sharing research insights in fields such as computer-aided engineering and data analytics. By integrating LG's product development technology with Altair's AI-driven simulation, the partnership aims to minimize physical testing needs, thereby speeding up product development and reducing time-to-market. This initiative is anticipated to bolster LG's competitiveness in smart product development.

Positive

• Collaboration with LG Electronics to enhance digital transformation.
• Integration of LG's development technology with Altair's AI simulation.
• Potential to minimize physical testing, speeding up product development.

Negative

• None.

Companies Sign Digital Transformation and Simulation Memorandum of Understanding

TROY, Mich., July 11, 2022 /PRNewswire/ -- Altair (Nasdaq: ALTR), a global leader in computational science and artificial intelligence (AI), recently signed a memorandum of understanding with LG Electronics (LG) to accelerate the digital transformation of product development. Together, Altair and LG will promote research and development and the construction of a simulation platform. The two companies will share information in priority fields of research, including computer-aided engineering (CAE), data analytics, automation, and more.

In addition, the two companies plan to build a more advanced digital transformation development environment by integrating LG's product development technology with Altair's simulation and AI technology. Together, the companies will cooperate on CAE/automation platform development and digital twin technology, which LG uses to develop products.

"Altair has the advanced simulation, high-performance computing, and data analytics technology to support manufacturing companies as they develop products quickly and efficiently," said Sam Mahalingam, chief technology officer, Altair. "Through this cooperation with LG, we will develop a powerful and reliable technological foundation that will enhance LG's competitiveness."

By building a digital development environment using AI-based simulation technology, it's possible to minimize the need for physical testing in the product development stage and reflect feedback gleaned from data analytics and optimization technology. These forces combine and interact to speed the development process and shorten time-to-market.

"Through our collaboration with Altair, we look forward to advancing digital transformation technology, which is a growth engine for smart product development, and create an environment that accelerates product development," said SeungKey Lee, vice president, LG Electronics Production Engineering and Research Institute (PRI) Manufacturing Innovation Center.

About Altair
Altair is a global leader in computational science and artificial intelligence (AI) that provides software and cloud solutions in simulation, high-performance computing (HPC), data analytics, and AI. Altair enables organizations across all industries to compete more effectively and drive smarter decisions in an increasingly connected world – all while creating a greener, more sustainable future. For more information, visit https://www.altair.com/.

Media contacts
Altair Corporate	Altair Investor Relations
Jennifer Ristic	Monica Gould, The Blueshirt Group
+1.216.849.3109	+1 212.871.3927
corp-newsroom@altair.com	ir@altair.com
Altair Europe/The Middle East/Africa
Charlotte Hartmann
+49 7031 6208 0
emea-newsroom@altair.com

 

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SOURCE Altair

FAQ

What is the significance of the MOU signed between Altair and LG Electronics?

The MOU aims to enhance digital transformation in product development by integrating technologies from both companies.

How will Altair's technology benefit LG Electronics?

Altair's AI-driven simulation technology will help minimize physical testing and speed up product development for LG.

What fields will Altair and LG focus on in their collaboration?

They will prioritize research in computer-aided engineering, data analytics, and automation.

When was the memorandum of understanding between Altair and LG signed?

The MOU was signed on July 11, 2022.

What are the expected outcomes of the collaboration between Altair and LG?

The collaboration aims to create a more efficient product development environment and enhance LG's competitiveness.