DALLAS--(BUSINESS WIRE)--Today, Avanci announced that LG Electronics has joined its one-stop licensing marketplace. Following this announcement, all existing Avanci licensees and those who join Avanci in future will be licensed to 4G, 3G and 2G essential patents created and owned by LG Electronics, together with 48 other patent owners already in the marketplace.
“We are excited to have LG Electronics, a long-term innovator and contributor to the development of cellular communications standards, as an Avanci licensor,” said Kasim Alfalahi, Founder and Chief Executive Officer of Avanci.
Through its Vehicle component Solutions business, LG Electronics is a global supplier to the automotive industry and a market leader in the development of automotive connectivity solutions as well as advanced parts for electric vehicles and services, leveraging LG's rich user experiences and technologies acquired from its diverse consumer electronics experience over many decades.
“LG Electronics is pleased to join the Avanci marketplace,” said Jay Cho, Senior Vice President and Head of the Intellectual Property Center at LG Electronics. “Through Avanci, our innovations in cellular essential technologies can be simply and efficiently shared with auto makers around the world.”
Avanci’s independent marketplace has transformed the way companies share technology by licensing intellectual property from many different patent holders in a single transaction, at low, fixed rates, paid once for the lifetime of the vehicle. By streamlining the technology sharing process, Avanci provides automotive manufacturers with an efficient and transparent way to access the wireless technology needed to bring their products online.
Avanci believes that sharing patented technology in the Internet of Things era can be simpler. As an independent intermediary working at the intersection of different industries, our one-stop solution is designed to bring efficiency, convenience, and predictability to the licensing process. Since 2016, Avanci has been driving innovation forward by making connections through our marketplace. Companies with essential patents share their innovations with companies creating connected products for the IoT in one place, with one agreement, and for one fair, flat rate. In 2020, the World Economic Forum named Avanci a Technology Pioneer for its work in accelerating innovation for the Internet of Things. www.avanci.com