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IBM (NYSE: IBM) patents.
What Happened:IBM and Instacart also entered into a mutual patent cross-license that will provide Instacart with freedom of action to use IBM patents in growing its business.
The financial terms of the transaction announced Tuesday were not disclosed, nor did the companies identify which patents were acquired. This acquisition of patents from IBM and licensing agreement provides us with stronger intellectual property protection and gives us even more freedom to innovate for all the customers, shoppers and retailers who rely on our platform, said Edison Lin, intellectual property counsel at San Francisco-based Instacart.
Patents Galore: Last month, IBM announced its scientists and researchers received 9,130 U.S. patents in 2020, marking the 28th consecutive year the Armonk, New York-headquartered company led the nation for the most patents granted during a single year. More than 2,300 patents were granted last year to IBM for artificial intell
Instacart Buys Over 250 Patents From IBM
ARMONK (dpa-AFX) - Instacart, an online grocery platform in North America, has acquired over 250 patents from IBM (IBM).
Further, IBM and Instacart entered into a mutual patent cross license. The agreement allows Instacart to continue to strengthen its own patent portfolio, and the license gives Instacart freedom of action to use IBM patents in the future growth of its business. Financial terms were not disclosed. IBM has had a long standing commitment to innovation and the sharing of our patented inventions within the industry, especially high-growth technology companies like Instacart that are establishing innovative solutions for critically needed food delivery during these challenging times. We look forward to a long term innovation partnership with Instacart, said William LaFontaine, General Manager of Intellectual Property for IBM.