Xerox spun out the Novity division of its Palo Alto Research Center (PARC) as an independent company. The startup will focus on developing industrial predictive maintenance technology.
According to Xerox, Novity has proven that it can stand on its own feet. Xerox’s former research division is shaping its strategy to develop and eventually bring disruptive technologies to market.
Predicting equipment maintenance
Earlier this year, Novity presented an industrial internet of things (IIoT) solution with proprietary equipment sensors and algorithms under the Xerox PARC banner.
The solution allows companies to estimate the future status of plant equipment and maintenance needs without relying on large amounts of historical data.
The Novity TruPrognostics engine uses machine learning and physics-based models to predict potential equipment failures with an accuracy of up to 90 percent. Forecasts can look several months ahead, allowing companies to respond to potential failures early.
Novity founder and CEO Markus Larsson said he was pleased with the spinout. “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.”
Xerox PARC retains a minority stake in the IIoT startup.