ImageWare is creating a new IP licensing program in an effort to meet the growing demand for biometric identity solutions. To do so, the company will rely on the expertise of Vermont’s ipCapital Group, which will help establish the new business unit and oversee its first two years of operations.
The ipCapital Group will help develop ImageWare’s IP monetization model as part of the agreement. ImageWare is hoping that the program will generate a steady stream of annual revenue, since customers that wish to integrate ImageWare’s multimodal authentication solutions into their own products will eventually be expected to purchase a license.
The IP licensing team will focus on the cybersecurity technology sector, and will operate separately from the company’s core biometrics business. John Cronin, the Chairman and Managing Director of the ipCapital Group, previously served as a member of ImageWare’s Board of Directors for upwards of eight years, and boasted about the hundreds of successful licensing programs that he has created for companies in similar positions in the past.
“Our recent analysis of the patent portfolio suggests that with a successful licensing program, adopted by the market, the current value of the Company would be increased significantly,” said Cronin. “Multimodal biometrics is the best way to authenticate a person to grant access to sensitive spaces, assets and systems. Many companies in many markets could leverage ImageWare’s IP in integrating MFA into their solutions.”
“Establishing an IP licensing business unit inside of our existing software product business will allow us to build on our important IP foundation to drive revenue to further fuel the Company,” added ImageWare President and CEO Kristin Taylor. “Additionally, new IP will be developed to align the foundational IP to the new markets as we start to license.”
ImageWare received a new patent for a conditional biometric system back in March. Taylor is one of several new executive appointments in 2020, and has been asked to help transform the company as it moves towards profitability.
June 30, 2020 – by Eric Weiss