Reportedly, the South Korean tech giant, Samsung has agreed to pay US$150 million to British nanotechnology company Nanoco Technologies. Yes, you read that right, Samsung has decided to settle patent lawsuits over technology used in Samsung’s LED televisions, Nanoco and an investor in its cases.
The lawsuit is regarding certain patents transfer. Samsung and Nanoco told a Texas federal court on the eve of a trial last month that they had agreed to settle the dispute, but no terms were disclosed at the time.
Nanoco’s quantum dots improve the backlighting of LED displays without the use of toxic heavy metals like cadmium. It sued Samsung in 2020, alleging the Korean tech giant copied its technology after receiving samples during talks about a potential collaboration.
The Texas lawsuit said Samsung began incorporating Nanoco’s technology into high-end QLED TVs launched in 2017. GLS co-founder Adam Gill said Nanoco would receive more than 60 percent of the proceeds from the settlement but declined to offer additional details on their funding agreement. He said the firm was”proud” to have supported Nanoco in the dispute.