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Xerox’s PARC announces new venture

PARC, a Xerox company, has announced the launch of Novity, a new venture to commercialise predictive maintenance (PdM) technology that reduces unplanned downtime in industrial manufacturing operations.

The Novity solution 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. The Novity TruPrognostics engine relies on a combination of machine learning and physics-based models of equipment. This allows Novity to predict equipment failures with 90% or better accuracy and lead times of months, not weeks or days.