Xerox spun off Novity ™ in early November, a start-up founded by the Xerox Research Centre in Palo Alto that developed and commercialised industrial predictive maintenance technology.
"PARC's goal has always been to develop, launch and commercialise disruptive technologies, and Novity is a great 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 business and ensure it operates consistently and predictably," said Markus Larsson, founder and CEO of Novity. "With the combination of our team and PARC's intellectual property embedded in the Novity TruPrognostics™ engine, we are well on our way to fulfilling our mission of making manufacturers work cleaner, faster and better."
Launched by PARC earlier this year, the Novity solution is an Industrial Internet of Things (IIoT) technology that uses device sensors and proprietary algorithms to enable industrial manufacturers to see the future state of their production equipment without large amounts of historical data. The Novity TruPrognostics engine is based on a combination of machine learning and physics-based device models that predict failures with 90 per cent accuracy or better and lead times of months, not weeks or days.
With the spin-off, Xerox will hold a minority stake in Novity.
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