PARC spins out cloud networking startup
Cross posted from ZDNet.
The Palo Alto Research Center (PARC) said Tuesday that it is spinning out PowerCloud Systems, a startup that has been incubated at the research unit of Xerox.
PowerCloud focuses on cloud technology for OEMs that make it easier to deploy and manage business networking devices. The company’s technology is based on PARC patents—two exclusive and eight shared, according to a statement. These patents focus on cloud-virtualized network controllers and security tools.
PowerCloud notes that it has “the first networking cloud operating system.”
The move to spin out PowerCloud represents one of the ways PARC makes money. PARC incubates and invests in startups and then can cash in later. PARC also gets royalties, equity and licensing fees. Walden Venture Capital and Javelin Venture Partners will also invest in PowerCloud along with PARC.
Jeff Abramovitz is the CEO of PowerCloud. He joined PARC as an entrepreneur in residence.
Related: PARC CEO Mark Bernstein on innovation, R&D, Steve Jobs and Xerox
Source: PARC spins out cloud networking startup PowerCloud
This post was originally published on Smartplanet.com