Yes, Todd-AO was developed by Mike Todd and the Anerican Optical company as a rival format to Cinerama. Todd was one of the pioneer developers in Cinerama but left the company before it's first film was launched, to form the Todd-AO company.
His goal was to develop a high-definition, very large screen format that ran off one projector, thereby eliminating the seams in the Cinerama format.
The Todd-AO company, after various commercial transformations, has become Panavision.
I now live in Yorkshire where Bradford is the home of the National Media Museum. The museum operates a commercial luxury cinema, next door to the main building, that houses a complete Cinerama installation, of which there are only three remaining in operation in the world. The system was restored from parts sourced worldwide and has been brought up to date with modern electronics to improve the synchronisation between the three projectors and the separate track that carries the stereo-sound.
On the first Saturday afternoon of each month, they show a Cinerama presentation, that includes the famous roller coaster ride that gave audiences the same thrills as the real thing when it was first shown. Todd-AO copied the roller coaster ride, using the same roller coaster, for a promotional trailer for Around the World, but it did not have the same impact as the Cinerama version. The museum also annually holds an international film festival that includes several full Cinerama films including How The West Was Won.