Photocopier maker Xerox has taken a minority stake in wireless network equipment provider PowerCloud Systems as part of its spin off from its research centre.
The Palo Alto Research Center (Parc) said it would spin off the company after two years of work by its former entrepreneur in residence and now executive president of PowerCloud, Jeff Abramowitz.
PowerCloud is being backed by an undisclosed amount from venture capital firms Javelin Venture Partners and Walden Venture Capital as part of the spin out. It first customer is D-Link.
Parc has been researching and creating companies for 40 years and more than 30 companies have floated from its stable and its recent start-ups include PowerCloud Systems, Meshin, SolFocus and Powerset.
Teresa Lunt, director of computing science laboratory at Parc, said: "Parc has rich experience nurturing new companies and helping them commercialize their breakthroughs.
"PowerCloud Systems is continuing that legacy by solving the challenge of securely managing today’s proliferation of networked devices."