ROCHESTER, N.Y. - Eastman Kodak Co. plans to spin off its wireless technology research into a new company in partnership with a private venture capital fund. <br>
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The formation of Appairent Technologies Inc. is in line with Kodak's goal of commercializing its technologies to expand its info-imaging sector, a hybrid industry created by the convergence of imaging science and information technology that Kodak values at around $225 billion. <br>
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Appairent will develop technology for the wireless transmission of video, still images and data, Kodak announced Wednesday. <br>
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Kodak and the Monroe Fund, a private venture capital fund managed by a unit of Rochester-based Trillium Group, are the initial investors in Appairent. The investment amount was not disclosed. <br>
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Kodak will also contribute a number of patents and patent applications. <br>
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``The greatest value in this intellectual property and the technology it enables lies in making it broadly available,'' said James Stoffel, Kodak's chief technology officer. ``We look forward to using Appairent's wireless communication technology in our own products and to seeing much broader applications and infrastructure.'' <br>
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Appairent's management team will include executives from Kodak and Trillium Venture Development, the commercial development arm of Trillium Group, and from other industry companies. Ted Wurzburg, entrepreneur-in-residence at Trillium Group, will serve as Appairent's chief executive. <br>
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Kodak is organized into five major businesses: photography, commercial imaging, components, health and entertainment. <br>
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Shares of Kodak fell 50 cents to close at $28.37 in trading on the New York Stock Exchange.
