Nest Enters Into Patent Sale Agreement and License Agreement with Intellectual Ventures
BELLEVUE, Wash., Sept. 11, 2013 /PRNewswire/ -- Intellectual Ventures™ announced today that it has entered into an agreement with Nest Labs, Inc. (www.nest.com), granting non-exclusive rights to Intellectual Ventures' large portfolio of patents through a license agreement. In addition, Nest is acquiring a number of patents in areas of interest to Nest, including systems and methods for automatic registration of devices.
"Nest is very aggressive in bringing new technologies to market and our patent strategy – including the decision to acquire patents like those from Intellectual Ventures – is designed to keep pace," said Richard Lutton, Jr., vice president and general counsel at Nest. "To date, we've filed almost 200 U.S. and international patent applications and we have hand-picked and acquired more in key areas, including the patents acquired from Intellectual Ventures. Our patents allow us to defend our innovative products in the market."
"Nest and its leadership team are seasoned veterans in developing patent portfolios as part of an overall business strategy," said Jim Weisfield, head of patent sales at Intellectual Ventures. "Businesses of all sizes – especially startups in competitive markets -- can benefit from access to Intellectual Ventures' extensive portfolio, and Nest is just the latest in a long line of companies that have seen value in working with Intellectual Ventures."
The agreement provides Nest access to Intellectual Ventures' IP For Defense (IPFD™) program, a strategic defense tool enabling participants to access IV's massive patent portfolio of over 40,000 active patents, and acquire patent rights to protect their innovations.
Nest is focused on addressing home-energy consumption with elegantly designed solutions, including the Nest Learning Thermostat and Nest Energy Services. Nest thermostats are installed in 90+ countries and have helped save more than 1,000,000,000 kWh of energy to date. Founded by Apple alums Tony Fadell and Matt Rogers, Nest is privately funded and based in Palo Alto, Calif. For more information, visit www.nest.com.
About Intellectual Ventures
Founded in 2000, Intellectual Ventures (IV) is the global leader in the business of invention. IV collaborates with leading inventors, partners with pioneering companies, and invests both expertise and capital in the process of invention. IV's mission is to energize and streamline an invention economy that will drive innovation around the world. For more information, please visit www.intellectualventures.com, follow IV on Twitter at @IVinvents and "like" IV on Facebook at facebook.com/intven.
SOURCE Intellectual Ventures