Palo Alto, May 10, 2016 (GLOBE NEWSWIRE) -- PARC, a Xerox company, today announced its partnership with Alchemist Accelerator. The two companies have worked with a number of startups including Zycada, Litmus Automation, Doxel, and FunnelBeam Inc., among others.
Having recently housed his company within PARC, Zycada Networks CEO and founder Subbu Varadarajan said, “It was bittersweet to move out of PARC - a very special place I looked up to when I was in Engineering school. PARC was near and dear to the technology problem we were solving. It was an absolute privilege to work out of such an iconic and historic place.”
This partnership demonstrates PARC’s commitment to the startup community and the critical role the startup community plays within the development and extension of PARC’s world-class innovation ecosystem.
“PARC offers our startups something no other technology company can offer,” said Founder and Managing Director, Ravi Belani of Alchemist. “Not only can PARC’s researchers help with technology problems in networking, big data analytics, sensors, and other technologies, but they also offer expertise in bringing new technology innovations into commercial markets. People don’t even realize that PARC-invented technologies power the entire Silicon Valley as we know it today.”
In addition to funding, the success of startups depends on the integration of hands-on mentoring, customer interaction, and VC visibility. In order to provide world-class coaching to startups in the program and effectively engage the broader community in nurturing businesses, PARC is hosting the Alchemist Class 12 Demo Day on May 19, 2016.
“It makes perfect sense that PARC would want to work with startups to help them get a leg up in the industry,” said PARC CEO Stephen Hoover, PhD. “At PARC, we’re constantly finding new ways to solve problems in a variety of industries, using a variety of technologies. Startups can learn from our researchers in that way. But, we also learn from startups who focus on problems relentlessly and find ways to solve technology problems, and as they struggle to find customers, secure funding, determine commercial viability, not to mention all the other ingredients that go into making a startup successful. We’re excited about this partnership to extend our footprint into the Silicon Valley startup ecosphere.”
Since its inception, PARC has pioneered countless technological innovations – from Ethernet and laser printing to digital X-rays and blue lasers – and has enabled the creation of many businesses and industries. Today, PARC is accelerating the fortunes of both startups and larger corporations through innovation by providing deep technology expertise, leveraging existing technology and IP assets, and by applying PARC’s internal infrastructure and innovation ecosystem for rapid prototyping and development.
About Alchemist Accelerator
The Alchemist Accelerator is an elite, six-month program for enterprise startups, with a capped class of 17 companies. The companies receive $36,000 in funding on average, and are given a structured path toward mentorship, sales, and fundraising. The program offers privileged connections to the top enterprise coaches, early adopter customers, and investors.
About PARC
PARC, a Xerox company, is in the Business of Breakthroughs®. Practicing open innovation, we provide custom R&D services, technology, expertise, best practices, and intellectual property to Fortune 500 and Global 1000 companies, startups, and government agencies and partners. We create new business options, accelerate time to market, augment internal capabilities, and reduce risk for our clients. Since its inception, PARC has pioneered many technology platforms – from the Ethernet and laser printing to the GUI and ubiquitous computing – and has enabled the creation of many industries. Incorporated as an independent, wholly owned subsidiary of Xerox in 2002, PARC today continues the research that enables breakthroughs for our clients’ businesses.