NORWALK, Conn. – 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.”
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.