PHOENIX, Jan. 23, 2020 /PRNewswire-PRWeb/ -- LOT Network Inc., the leading international nonprofit community of companies protecting against costly litigation brought by patent assertion entities (PAEs, also known as "patent trolls"), today announced that Japan's Toyota Motor Corp, the world's number one automaker, joined the 600+ member organization to protect itself against patent trolls.
LOT Network members agree if, and only if, a member's patent asset falls into the hands of a PAE, that asset is licensed to all other network members -- thereby permanently immunizing the community from PAE litigation involving that asset. At the same time, all of the traditional uses of patents, such as selling them or even suing other member companies, are unaffected.
Innovation in the automotive industry is accelerating at a high-speed due to the adoption of emergent technologies like autonomous driving, fuel cells, Wi-Fi, cellular and audio technology, voice technology, GPS, user interface, security features and more. The visionaries in LOT Network recognize that the convergence of industries, like automotive and software, can open OEMs up to exposure to one of the trolls' target sectors: high tech.
The world's largest automaker, Toyota, saw the impetus to do their part in protecting innovation by de-weaponizing the patents in their portfolio, giving full protection to LOT Network member companies in case they are ever used in litigation. Earlier this year, Toyota announced it would grant free access to its nearly 24,000 patents on hybrid technologies to encourage widespread adoption of lower-emission technology worldwide.
Toyota currently owns 152,000 assets of intellectual property, making it the second largest patent holder to join LOT Network (after founding member Canon). With the addition of Toyota, LOT Network now protects its members from more than 2.2 million assets should that fall into the hands of a patent troll.
"We're pleased to announce our membership with LOT Network," said Yosuke Iida, IP General Manager of Toyota. "Under the circumstances that the creation of alliances in business is increasingly vital, our membership in LOT Network will further strengthen our relationships with other patent holders. We've been developing our business in cooperation with a wide range of partners, and are fully confident that our patents will not cause our partners trouble in case they fall into the hands of a patent troll. We believe that patents should be utilized to encourage innovation and the growth of industries by practicing entities, which aligns us with the mission of LOT Network."
"Toyota has demonstrated a commitment not only to the good of global innovation, but to the sharing of resources that advance technology for everyone," said Ken Seddon, CEO of LOT Network. "We are proud to have Toyota as part of our community. The fact that we now count the world's seven largest automakers as members demonstrates that LOT solves a key problem brought about by the convergence of technology. We invite all automotive startups and suppliers to follow Toyota's lead in protecting innovation by joining LOT Network."
The members of LOT Network now include eleven of the world's largest holders of AI patents along with some of the largest patent holders in key industries like cloud computing, software, and autonomous vehicles. These companies, along with other LOT Network members in 35 countries, immunize the community from more than two million worldwide patent assets that could be a threat in the hands of a PAE.
About LOT Network:
LOT Network is an international community of the world's leading high-tech companies committed to protecting its members from costly patent troll litigation. LOT Network currently protects its members from litigation from over 2.2 million worldwide patents and counting. Network members include market leaders such as Visa, Canon, Google, Tesla, Cisco, Amazon, Microsoft, Alibaba and Salesforce, as well as innovative companies across industries.
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SOURCE LOT Network
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