CORK, Ireland, March 30, 2016 /PRNewswire/ -- Tyco (NYSE: TYC) announced today that it has opened innovation centers aimed at solving broader customer problems while championing startups in security, fire protection and smart connected technologies. The first centers are operating in Silicon Valley and Tel Aviv, with more centers planned for other locations later this year.
"We're constantly looking for smarter solutions to customers' challenges, and increasingly those solutions go beyond a fire protection or security purpose to improve their overall operations and advance their core mission," said Daryll Fogal, Tyco's Chief Technology Officer. "Tyco's innovation centers will be at the heart of this drive, combining local vibrant startup cultures with Tyco's expertise and global business to spur growth through innovation. We plan to partner with or invest in the most promising startups with successful pilots, bringing new disruptive technologies to Tyco's products and services portfolio," added Mr. Fogal.
The commercialization program at the Tyco Innovation Tel Aviv center provides entrepreneurs with an accelerated go-to-market platform, an opportunity to collaborate with Tyco's business units and access to the company's vast network of installed systems and devices, spanning diverse markets and customers in over 200 countries. Tyco is sponsoring startups with innovative applications in the areas of smart cities, buildings and homes, retail, and commercial properties. Specific areas of interest include Internet of Things; retail/store solutions; sensing and detection; image processing, tracking and location; machine intelligence; and Big Data.
"The energy, technical expertise and entrepreneurial spirit of our startup ecosystems create innovative companies," said Eli Gorovici, General Manager of Tyco's Innovation Center in Tel Aviv. "We have already identified a number of startups with breakthrough technologies for this program to nurture."
The six-month acceleration program comprises a Tyco-funded roadshow and introduction to relevant Tyco business units, collaboration with Tyco's industry experts and/or customers, co-specification of project scope and pilot program, and implementation of the pilot for several months with Tyco's guidance and mentoring.
"This program is a great opportunity for startups in the right spaces to work with the global market leader in fire and security, leverage our know-how and customer insights, and scale up on a global stage," Mr. Gorovici noted.
The company has also launched Tyco Innovation Garage facilities in Silicon Valley and Tel Aviv. These centers team Tyco's internal R&D capabilities with partners and stakeholders inside and outside the company to focus on solving complex customer problems by applying advanced technologies and sensor-based analytics.
"We plan to bring digital experience to the physical environment," said Anurag Maunder, Vice President, Tyco Innovation Garage. "When combined with our expertise in sensors for security and safety, new generation technologies such as deep learning and 3D vision will fundamentally transform people's daily experience."
Tyco (NYSE: TYC) is the world's largest pure-play fire protection and security company. Tyco provides more than three million customers around the globe with the latest fire protection and security products and services. Tyco has over 57,000 employees in more than 900 locations across 50 countries serving various end markets, including commercial, institutional, governmental, retail, industrial, energy, residential and small business. For more information, visit www.tyco.com.
This press release contains a number of forward-looking statements. In many cases forward-looking statements are identified by words, and variations of words, such as "anticipate", "estimate", "believe", "commit", "confident", "continue", "could", "intend", "may", "plan", "potential", "predict", "positioned", "should", "will", "expect", "objective", "projection", "forecast", "goal", "guidance", "outlook", "effort", "target", and other similar words. However, the absence of these words does not mean the statements are not forward-looking. Examples of forward-looking statements in this press release include, but are not limited to statements regarding Tyco's innovation initiatives, partnerships and investments, technological solutions and disruptive technologies, and any of their impact on Tyco's future financial performance, including revenue and earnings, and potential, priorities, and opportunities for Tyco in the future, capital allocation priorities, and statements regarding Tyco's acquisition, divestiture, restructuring and other productivity initiatives.
The forward-looking statements in this press release are based on current expectations and assumptions that are subject to risks and uncertainties, many of which are outside of our control, and could cause results to materially differ from expectations. Such risks and uncertainties include, but are not limited to: economic, business, competitive, technological or regulatory factors that adversely impact Tyco or the markets and industries in which it competes; unanticipated expenses such as litigation or legal settlement expenses; tax law changes; industry specific events or conditions that may adversely impact revenue or other financial projections; unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies for management, expansion and growth of operations, access to available financing, and the risk that disruptions from proposed transactions will harm Tyco's business. Actual results could differ materially from anticipated results. Tyco is under no obligation (and expressly disclaims any obligation) to update its forward-looking statements. More information on potential factors that could affect the Company's financial results is included from time to time in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's public reports filed with the U.S. Securities and Exchange Commission (SEC), including the Company's Form 10-K for the fiscal year ended September 25, 2015, and subsequent filings with the SEC.
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