A patent licensing agreement has been signed by Chinese handset maker Xiaomi and Finland’s Nokia; with aims from both companies to explore opportunities in fields such as the IoT, VR, and AI through this deal.
The deal is signed to behold both companies license i.e. patents that are essential to permit products to comply with an industry standard. Cross license to each company’s cellular standards has also been included in this agreement.
Reportedly, the report is signed by Nokia with the agreement of providing network infrastructure equipment to Xiaomi. Nokia has also planned to work with Xiaomi on technologies that relate to the new FP4 network processor of Nokia.
Rajeev Suri, the Nokia CEO, said in a statement
“Xiaomi is one of the world’s leading smartphone manufacturers and we are delighted to have reached an agreement with them”.
This licensing deal is not pioneered one as Nokia already has license deals with leading handset makers namely Apple and Samsung but with Chinese smartphone maker, this is the first agreement.
Lei Jun, Xiaomi CEO said:
“Our collaboration with Nokia will enable us to tap on its leadership in building large, high-performance networks and formidable strength in software and services, as we seek to create even more remarkable products and services that deliver the best user experience to our Mi fans worldwide”.
Xiaomi, that was much famous and had been ranked among top Chinese smartphone maker has to compete with rivals such as Oppo and Vivo. And this very agreement will assist Xiaomi in global expansion.
Financial details are yet to be revealed by the Nokia and Xiaomi.
