Xerox’s PARC Spins Out Novity, a Breakthrough Predictive Maintenance Venture
November 02 2022 - 8:00AM
Business Wire
Xerox has spun out Novity™, a start-up founded by Xerox’s Palo
Alto Research Center that has developed and commercialized
industrial predictive maintenance technology.
"PARC’s goal has always been to incubate, launch and
commercialize disruptive technologies, and Novity is an excellent
example of this model in action,” said Naresh Shanker, chief
technology officer at Xerox and President at PARC. “We are proud of
Novity’s success to-date and look forward to following the journey
as it grows beyond PARC and brings manufacturers closer to the
ultimate goal of zero unplanned downtime.”
“Our commitment to existing and future industrial customers is
to fundamentally transform the performance of a key part of their
operations and ensure that it performs consistently and
predictably,” said Markus Larsson, founder and CEO, Novity. “With
the combination of our team and PARC’s IP embedded in the Novity
TruPrognostics™ engine, we’re well on the way to deliver on our
mission to make manufacturers operate cleaner, faster and
better.”
The Novity solution was launched by PARC earlier this year and
is an Industrial Internet of Things (IIoT) technology that uses
equipment sensors and proprietary algorithms to enable industrial
manufacturers to see the future health of their production assets
without large amounts of historical data. The Novity TruPrognostics
engine relies on a combination of machine learning and
physics-based models of equipment, predicting failures with 90
percent or better accuracy and lead times of months, not weeks or
days.
With the spin out, Xerox will maintain a minority stake in
Novity.
About Novity
Founded in 2022, Novity, Inc. is a spin-out from the storied
Xerox Palo Alto Research Center (Xerox PARC), drawing on its
decades of breakthrough innovation in AI, sensors and the Internet
of Things (IOT). The Novity TruPrognostics™ engine provides
industrial manufacturers peace of mind and exceptional accuracy in
predicting the health of their plant assets and equipment. Learn
more at www.novity.us.
About Xerox Holdings Corporation (NASDAQ: XRX)
For more than 100 years, Xerox has continually redefined the
workplace experience. Harnessing our leadership position in office
and production print technology, we've expanded into software and
services to sustainably power today's workforce. From the office to
industrial environments, our differentiated business solutions and
financial services are designed to make every day work better for
clients — no matter where that work is being done. Today, Xerox
scientists and engineers are continuing our legacy of innovation
with disruptive technologies in digital transformation, augmented
reality, robotic process automation, additive manufacturing,
Industrial Internet of Things and cleantech. Learn more at
xerox.com.
About PARC
Palo Alto Research Center Incorporated, a Xerox company, is in
the Business of Breakthroughs®. Practicing open innovation, it
provides custom R&D services, technology, expertise, best
practices and intellectual property to Fortune 500 and Global 1000
companies, startups, and government agencies and partners. The
company creates new business options, accelerates time to market,
augments internal capabilities and reduces risk for clients. Since
its inception, PARC has pioneered many technology platforms – from
the Ethernet and laser printing to the GUI and ubiquitous computing
– and has enabled the creation of many industries. Incorporated as
an independent, wholly owned subsidiary of Xerox in 2002, PARC
today continues the research that enables breakthroughs for
businesses.
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version on businesswire.com: https://www.businesswire.com/news/home/20221102005156/en/
Media: Xerox: Justin Capella, +1-203-258-6535,
justin.capella@xerox.com Novity: Markus Larsson, +1 415-990-2598,
markus.larsson@novity.us
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