MicroVision, Inc., a leader in innovative ultra-miniature projection display technology, today announced it has received an $8 million license fee payment from its Fortune Global 100 partner.
The up-front license fee is part of a multi-year license agreement MicroVision announced earlier this month with its Fortune Global 100 partner for MicroVision PicoP® display technology. The license agreement grants the Fortune Global 100 company a non-exclusive license to MicroVision PicoP display technology for use in display modules it manufactures and sells. In addition to the initial upfront license fee, MicroVision would also receive royalties for display modules sold by the Fortune Global 100 company. Further terms of the license agreement are confidential for competitive reasons.
MicroVision and the Fortune Global 100 company have been collaborating on the display module since April 2013. In addition to the license fee, to date MicroVision has received over $18 million in component orders for this customer. Shipments for these orders began in December 2014 and are scheduled to continue into 2016. MicroVision is also providing commercialization support services under a separate contract.
MicroVision is the creator of PicoP® display technology, an ultra-miniature laser projection solution for mobile consumer electronics, automotive head-up displays and other applications. MicroVision’s patented display technology helps OEMs break down display boundaries and offer enhanced visibility to mobile experiences. Extensive research has led MicroVision to become an independently recognized leader in the development of intellectual property. MicroVision’s IP portfolio has been recognized by the Patent Board as a top 50 IP portfolio among global industrial companies and has been included in the Ocean Tomo 300 Patent Index. The company is based in Redmond, Wash.
For more information, visit the company’s website at www.microvision.com, on Facebook at www.facebook.com/MicroVisionInc or follow MicroVision on Twitter at @MicroVision.