Lifestreams Technologies Corporation, a developer of applications and methodologies aimed at organizing and displaying digital data, received a $2m in financing.
Network-1 Technologies, Inc. (OTC BB: NTIP), which now owns approximately 11% of the outstanding shares of Lifestreams (on a fully diluted basis), and other existing shareholders provided the funds.
The company intends to use the funds for the continued development and launch of its timeline technology.
Lifestreams is a licensee of Network-1’s Mirror Worlds patent portfolio relating to foundational technologies covering technologies that enable unified search and indexing, displaying and archiving of documents in a computer system. The patent portfolio was acquired from Mirror Worlds, LLC in May 2013 by Network-1 through Mirror Worlds Technologies, LLC, its wholly-owned subsidiary.
Professor Gelernter and Dr. Eric Freeman, consultants to Network-1, are inventors of the Patent Portfolio, and are associated with Lifestreams. Professor Gelernter (a professor of Computer Science at Yale University) is Chief Scientist while Dr. Eric Freeman (a Principal of WickedlySmart, LLC) is the Chief Technology Officer.
As announced in May 2013, Mirror Worlds Technologies, LLC, Network-1’s wholly-owned subsidiary, initiated patent litigation against several vendors of document system software and computer systems in the United States District Court for the Eastern District of Texas, Tyler Division, for infringement of U.S. Patent No. 6,006,227.