Litigation funding and support service provider IMF Australia (ASX:IMF) has arranged to provide $5 million to support the fight to recover damages from alleged breaches of an IT patent developed by an Australian.
IMF Australia said it would provide the funds to Uniloc USA, which owns the rights to a patent relating to software activation patented by Australian inventor Ric Richardson.
Uniloc is involved with several patent battles, including a high-profile case against Microsoft. A jury originally awarded Uniloc US$388 million ($430.6 million) in damages, but the decision was overturned and is now on appeal in the US Federal Circuit.
The company is also in the early stages of three lawsuits seeking damages from around 40 defendants.
As well as these lawsuits, the funds will be used for Uniloc’s other patent enforcement activities, as well as its US patent licensing program, IMF said.