Royalty Exchange is expanding its business into the patent arena.
The Raleigh-based company is announcing Tuesday that it is collaborating with ICAP Patent Brokerage, a New York firm that bills itself as the world’s largest intellectual property brokerage and patent auction firm, to auction off patent royalties on Royalty Exchange’s website.
Royalty Exchange CEO Sean Peace said in a prepared statement that the deal “brings together two market-makers to create new opportunities for both buyer and seller. With the speed of innovation and applications in technology, the marketplace for (intellectual property) has exploded and the upside is virtually unlimited.”
Financial details of the agreement between the two companies weren’t disclosed.
Formed in 2011, up to now Royalty Exchange has focused on online autions of royalties for music and other forms of entertainment.
With its expansion into patents, it is especially targeting technology patents in areas such as electronic devices, online games, sensors, video transmission and cloud services.
Royalty Exchange anticipates that its online auctions will appeal to university researchers and other inventors “who will now have access to a simple, turn-key solution for monetizing and liquidating (intellectual property) assets.”