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Technology / AI and automation


Xerox Corp’s El Segundo, California-based in-house venture capital operation Xerox Technology Ventures is continuing to back developments that may turn out to be of value to the company, and has now picked the management team to head its portfolio company, QuadMark Ltd. QuadMark has been formed to manufacture portable personal copiers and multi-functional office automation devices, and has signed as chief executive officer Michael Pocock, a 20-year veteran of the consumer electronics industry with the likes of General Electric Co and Seiko Epson Co. While at Murata Co, Pocock spearheaded its launch into the home office and small office market. William Sydnes is vice-president of engineering: he was the engineering expertise behind the development of the IBM Corp Personal Computer. And David Lamb comes in as chief financial officer; he worked with Arthur Andersen & Co and then launched his own venture capital company. Xerox Technology Ventures says it is always meeting with outside investors on behalf of portfolio companies, and that the new company and its management team are already generating excitement and interest in the investment community and the consumer electronics market. Founded in 1989, Xerox Technology Ventures supplies seed and early-stage funding for investments that fall outside Xerox’s mainstream business (CI No 1,337). The approach marries traditional venture capital methodologies with the leverage of Xerox’s global resources, the organisation says. Of the initial group of 11 companies incorporated by Xerox Technology Ventures, eight are generating revenues. One of them was bought back by Xerox, for four times the seed investment after only 18 months, and two are working towards initial public offerings and may float in 1994.

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