Within the first month of IPwe’s Patent Platform official launch, a US based seller and Irish buyer utilized the IPwe Platform to initiate, negotiate and complete a patent acquisition transaction for a large patent portfolio.
The IPwe Platform is the world’s first global patent transaction platform utilizing artificial intelligence and blockchain technology to facilitate acquisitions, licensing, financings, maintenance fee and other patent transactions on a more efficient basis measured by time and cost.
The Irish based buyer purchased 86 issued patents and 25 pending applications in the connected car technology area from AutoConnect Holdings. The transaction was executed on the IPwe Platform for a purchase price exceeding $3 million. By removing complexities out of patent transactions, the IPwe Platform handled negotiations, signing, closing and payment and will handle the follow-on obligations, such as future reporting and payment obligations, leveraging smart contracts.
“By leveraging AI and Blockchain, we have brought unprecedented speed and efficiency to the global patent ecosystem by providing the first patent transaction platform where both buyers, sellers and other intermediaries can connect and transact. We will be launching The IPwe Network initiative in the coming weeks that will leverage the IPwe Platform and a select group of global patent brokers and patent boutiques that will further expand the transactional capabilities of the IPwe Platform,” said Pascal Asselot, Managing Director of IPwe.
A spokesperson of AutoConnect was quoted as stating, “As you would expect from an innovation leader in the IP space, the execution across the IPwe Platform was exceptional. The use of smart contracts brings automation and certainty in the execution of the patent transaction, including for the provisions relating to future payments and performance obligations.”