MicroVision Licenses Picoprojector Technology for $8M
REDMOND, Wash., March 5, 2015 — MicroVision Inc. has signed a multiyear license agreement involving its PicoP display technology with an unnamed Fortune Global 100 partner for an up-front fee of $8 million.
The license grants the unnamed company nonexclusive rights to the technology for use in display modules. In addition to the initial license fee, MicroVision will also receive royalties. Further terms of the license agreement were kept confidential for competitive reasons.
“By licensing our technology to a leading global consumer electronics brand we have the potential to significantly expand the reach of our PicoP display technology on a scale commensurate with a company known for technology innovation and its global reach,” said MicroVision CEO Alexander Tokman.
The two companies began joint development on a display module incorporating PicoP display technology in April 2013. The development phase was completed in 2014, and the Fortune Global 100 company contracted with MicroVision for commercialization support services which are ongoing.
MicroVision develops ultraminiature laser projection components for mobile consumer electronics, automotive head-up displays and other applications.