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Home / Tips and Tricks / Magic Leap Patents Passed to JPMorgan Chase as Secured Just Months After Big Financial Burst «Magic Leap :: Next Reality

Magic Leap Patents Passed to JPMorgan Chase as Secured Just Months After Big Financial Burst «Magic Leap :: Next Reality



Does augmented reality magic fade in Plantation, Florida?

This is the first question that some may face after Magic Leap, the maker of the Magic Leap One, has given most of its duties over the weekend, handing over a patent portfolio to JP Morgan Chase as collateral.

In documents filed with the US Patent Office on August 22 and signed on August 20, massive 1,903 patents by Magic Leap (as well as Magic Leap Holdings, Mentor Acquisitions, LLC, and Molecular Imprints Inc.) have all been issued JPMorgan Chase transferred. The document (see below), which is a patent security agreement, was signed by Magic Leap CEO Rony Abovitz and the security agent of JP Morgan Chase, Eleftherios Karsos.

In many cases, such an agreement allows the patentee to use his patents as security. If that sounds familiar, it's because that's exactly what happened to Meta Company in 201

8, as revealed by Next Reality in its exclusive report earlier this year. A little later, the company faltered and was subsequently taken over by a new investor.

"As a rule, a creditor declares a security interest in a patent if the patent is pledged as collateral," said patent attorney Andrea H. Evans at the time, telling Next Reality. "If, for example, a loan has been taken, the lender will take a security interest in the patent as collateral for repayment of the loan and ensure compliance with the loan."

In this case, JPMorgan Chase, the patentee, About the Company's Financing Family The New York-based bank partnered with Alibaba Group, Google, Axel Springer Digital Ventures, Saudi Arabia's Public Investment Fund and others in the Magic Leap Series D round of financing last year.

The patent shuffle surfaced on Sunday by a Reddit user who spent some time in the Magic Leap patent portfolio.

Although Magic Leap has been promoting a long runway over billions of dollars over the past few years, the company was forced to raise $ 280 million from Japan's NTT Docomo earlier this year, although the relationship was a partnership at the time was. As far as Abovitz and his team are concerned, things have been relatively quiet with new announcements since launch, while the tweets and blog posts are still coming. In fact, most of the big news surrounding Magic Leap over the past few months has been the lawsuit filed against a former employee who launches a competing product under the banner of Nreal.

On Twitter, shortly before signing the collateral agreement, Abovitz wrote: "Magic Leap One Creator Edition has been around the world for 364 days. "While this one-year mark may be important to the founder of Magic Leap, it does not change the fact that the other players in the industry populate the field.

From small start-up Tilt Five, which brought its AR gaming device to the market Kickstarter (and collected over $ 1.7 million) Just days after Abovitz & # 39; tweet to the Microsoft HoloLens 2, the Magic Leap faces increasing competition for the future of augmented reality Regarding the sales of Magic Leap for the Magic Leap One, we have not yet heard much about a more consumer-friendly version that has been promised in the past , Therefore, these recent news will likely lead to the clock being put on hold. Normally, such a fate should not be so quick given the heavyweight investors involved. In this case, the dramatic measurement of Magic Leap using its patents as a surety indicates that things are far more financially threatening than one would have imagined.

Update: A magic leap spokesperson responded The Next Reality commentary request with the following statement:

"Magic Leap is in the midst of a major round of financing that will become our Series E, when it's closed, we've already completed much of this round, some of it as equity and some of it as convertible bonds that will become equity after the round is over, with existing investors, new investors and strategic partners among the participants in the round, "said a spokesman for Magic Leap versus Next Reality.

"Magic Leap is on an international expansion course In addition to the growing market share, we are currently manufacturing our second-generation device and magicverse and expanding our offering content and developer ecosystems."

Unfortunately, this statement does not directly address our questions regarding the Company's decision to enter into a patent security agreement with JPMorgan Chase. However, the statement suggests that plans are still underway to launch a new, potentially consumer-oriented Magic Leap product in the coming months. To achieve this, it is now clear that Magic Leap needs more financial resources for itself or runs the risk of other major AR players being on the run.

Do not miss: Next Reality's 30 People to Watch in Augmented Reality for 2019


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