July 21, 2011 12:12 PM Eastern Daylight Time
Over 150 Patents are Pending/Issued in the USPTO
PITTSBURGH--(
BUSINESS WIRE)--Dynamics Inc., an innovator in next-generation payment cards, today revealed that it has quietly amassed one of the largest patent portfolios in the payments industry. Dynamics launched its award-winning Card 2.0® technology last fall, and its products are currently in consumer trials with several top multinational payment card issuers. To date, Dynamics has raised approximately $40.7 million in total funding with a Series A investment round led by Adams Capital Management and a Series B investment round led by Bain Capital Ventures.
“The speed at which Dynamics has grown its intellectual property portfolio and the increased frequency of filing applications indicates that Dynamics is just beginning to amass its intellectual property rights.“”
“Dynamics’ intellectual property protects not only Dynamics, but also Dynamics’ customer base. IP is a critical asset for any company designing, manufacturing, and deploying new payments technologies,” said Jeff Mullen, CEO Dynamics Inc. “The strength of Dynamics’ patent portfolio is a testament to the company’s unmatched innovation capability within the payments industry.”
Dynamics’ aggressive research and development programs support innovations in all areas of payments. Its intellectual property covers foundational technology in fields such as:
- Card-programmable magnetic stripe cards
- Exposed chip “EMV” cards
- RFID “contactless” cards
- Phone-based payment devices and topologies
- Next generation backend processing schemes
- Portable and stationary payment terminals
- Consumer electronic architectures and manufacturing techniques
- Printing/lamination/personalization methodologies and systems
- Next-generation form-factor agnostic payment applications such as reward redemption, coupon redemption, payment options, enhanced security methodologies, merchant funded promotions
Dynamics’ intellectual property portfolio also covers dozens of additional disruptive stealth payment technologies that will serve as a basis for the company’s continued fast-cycle deployments in the U.S. and abroad.
“As a relatively young company, Dynamics is executing an intellectual property program usually reserved for only the largest consumer technology companies,” said Joel Lutzker, managing director and general counsel, Ocean Tomo. “The speed at which Dynamics has grown its intellectual property portfolio and the increased frequency of filing applications indicates that Dynamics is just beginning to amass its intellectual property rights.“
Dynamics currently employs three patent attorneys, including Mullen himself, who spent seven years as a patent agent/attorney for world-renowned IP boutique Fish & Neave LLP, which later became the Fish & Neave IP Group of Ropes & Gray LLP. At Fish & Neave, Mullen managed some of the largest consumer electronics patent portfolios in the world and prosecuted and litigated patents in many areas of technology. Dan Gantt, Dynamics’ General Counsel, has more than 30 years of intellectual property management and litigation experience.
“Intellectual property is so important these days that many industries now have CEOs that are deeply involved in IP issues,” according to Robert Morris, partner, Kramer Levin. “Jeff worked with me at Fish & Neave. His expertise is positioned exactly at the nexus of technology, business, and law, and his deep ability to grasp how all of these competencies interact further strengthens Dynamics as a game-changing payments company that much more.”
Having filed for its first patent in 2005, Dynamics has built one of the largest patent portfolios in payments through a comprehensive strategy that takes advantage of a number of rules within the United States Patent and Trademark Office. Accordingly, while only approximately 40 pending/issued patents are publicly viewable, Dynamics’ patent portfolio actually includes over 150 pending/issued patents.
In addition to an industry-defining domestic patent portfolio, Dynamics also has a strong international patent portfolio as well as numerous trademarks, copyrights, and trade secrets.
About Dynamics Inc.
Dynamics Inc. was founded and seeded in 2007 by Jeff Mullen, its President and CEO. Dynamics produces and manufactures intelligent powered cards such as advanced payment cards. Focused on introducing fast-cycle innovation to top card issuers, the company's first commercial application is the world's first fully card-programmable magnetic stripe for use in next-generation payment cards. The company has won many of the world's most prestigious international business plan competitions, including the Rice Business Plan Competition, Carnegie Mellon McGinnis Venture Competition and the University of San Francisco Business Plan Competition. The company won DEMOgod and the $1M People's Choice Award at DEMO Fall 2010 and Best of Show at FinovateFall 2010. In January, the company won Best in Show at the 2011 International CES for Personal Electronics. Dynamics has closed a $5.7M Series A round led by Adams Capital Management and a $35M Series B round led by Bain Capital Ventures. Dynamics is headquartered in Pittsburgh, Pa. More information on the company, its technology and applications can be found at
www.poweredcards.com.
About Ocean Tomo, LLC
Established in 2003, Ocean Tomo, LLC, is the leading Intellectual Capital Merchant Banc™ firm. The company provides financial products and services related to Intellectual Property, including expert testimony, valuation, research, ratings, investments, risk management and transactions. Ocean Tomo assists clients – corporations, law firms, governments and institutional investors – in realizing Intellectual Capital Equity® value broadly defined.
Headquartered in Chicago, Ocean Tomo has offices in Boston, Greenwich, Houston, Orange County, Paris, and San Francisco. Subsidiaries of Ocean Tomo include: Ocean Tomo Risk Management, LLC; Ocean Tomo Asset Management, LLC; OTI Data Networks, LLC; Patent Marking, LLC; and Ocean Tomo Capital, LLC – publisher of the Ocean Tomo 300® Patent Index family. Ocean Tomo is the founder and majority owner of the Intellectual Property Exchange International (IPXI), Inc. as well as the exclusive licensee and distributor of PatentRatings® system.
