July 24, 2024

Midjourney announced that it has joined LOT Network, the world’s largest patent licensing platform. LOT Network is a collaborative initiative that seeks to protect the innovation ecosystem against abusive litigation from patent assertion entities (PAEs, sometimes referred to as “patent trolls”). LOT Network members have access to a patent marketplace that enables companies to buy and sell patents without broker fees.

Midjourney announced that it has joined LOT Network, the world’s largest patent licensing platform. LOT Network is a collaborative initiative that seeks to protect the innovation ecosystem against abusive litigation from patent assertion entities (PAEs, sometimes referred to as “patent trolls”). LOT Network members have access to a patent marketplace that enables companies to buy and sell patents without broker fees.

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As a part of joining the network, LOT Network member Meta will transfer several AI-related patents to Midjourney. This transfer demonstrates Meta’s commitment to LOT Network’s core mission and helps bolster Midjourney’s patent portfolio with access to Meta’s world-class portfolio.

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“Receiving several of Meta’s AI patents is important to Midjourney as we continue to grow and scale, and further strengthens our patent program,” said Max Sills, General Counsel at Midjourney. “Our membership in LOT Network offers us important benefits like the ability to collaborate with companies within the community and to buy patents from those who have an abundance of high-quality assets.”

“LOT Network fosters innovation by protecting companies from abusive PAE litigation,” said Jeremiah Chan, Head of Patents, Licensing & Open Source, Meta. “As a company with a robust patent portfolio, we are pleased to be able to transfer assets to a fellow LOT Network member. By welcoming Midjourney to the LOT community and sharing our patents as part of their membership, we aim to empower companies to support a healthy innovation ecosystem.”

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“We are glad that LOT is a platform to allow companies to share innovation,” said Ken Seddon, CEO of LOT Network. “The LOT patent sale platform is a great way for those with patents to easily sell their valuable patent assets to those who need them. LOT has many companies whose revenue growth has exceeded the speed at which their patent portfolios could grow to protect their innovation. These companies can purchase patents through the platform to defend themselves and diversify their patent portfolios.”

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The post Midjourney Joins World’s Largest Patent Licensing Platform LOT Network with Meta Patent Transfer first appeared on PressRelease.cc.

Midjourney Joins World’s Largest Patent Licensing Platform LOT Network with Meta Patent Transfer first appeared on Web and IT News.

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