Patent Auction Generates $11.4M

Posted on April 24, 2007 by R. David Donoghue

Last Thursday, Ocean Tomo held its third live patent auction in Chicago.  According to the Chicago Sun-Times report, nearly 300 people attended the auction live (I understand others bid by telephone) and that 50 patents were offered for bidding, generating $11.4M.  The Sun-Times also reports that Telecommunications Corp. sold a video-on-demand patent portfolio for $2.75M.  And the Infinite Monkey Theorem blog reports that an anonymous bidder paid $2.6M for a mobile social networking patent.  According to the IMT blog, the patent "bridge[s] the online into the real world, the patent's main claim covers the use of mobile location information in conjunction with online information. This is a broad application which provide a location-based boost to gaming as well as networking sites like MySpace or upstart mobile IM players like Twitter."

Ocean Tomo's next live patent auction will be in Chicago this October.

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