Allied Security Trust, the patent aggregator run by CEO Russell Binns, said its Industry Patent Purchase Program (IP3) purchased 56 families of patents from a group of more than 1,400 families submitted during a two week period that ended June 10.

The Princeton, N.J.-based company said 21 companies participated in IP3 and spent all of the money earmarked for purchases.

Binns said in an interview that the purchases ranged from as low as $10,000 to as much as $320,000. He declined to say how much money was spent in the program, though based on ahe average price paid of $100,000, the cost was about $5.6 million.

The program received offers for “more assets than we had the money for,” Binns said.

About 450 sellers including operating companies, non-practicing entities and patent brokers submitted offers. Many of them submitted multiple offers.

Binns said AST and the companies who participated in the program will have the opportunity to purchase additional assets on their own.

AST introduced IP3 in May with the participation of some of the world’s largest companies including Google, Facebook, IBM, Microsoft, Adobe, SAP, Ford, Honda, Hyundai, Kia Motors, Verizon, Cisco, Arris and other multinational companies.

IP3 brought together a significant pool of capital from participating companies to purchase patents in an innovative format that allows sellers to set their own price for their patent assets and reduces the time and complexity usually associated with patent transactions. IP3 seeks to simplify sellers’ access to the secondary market by eliminating the common hassles associated with it, such as hiring experts to prepare evidence of use of the invention or hiring lawyers to instigate litigation.

The program was meant to build on the success of Google’s innovative 2015 Patent Purchase Promotion (PPP), and sought to attract the submission of high quality patents from patent owners across a wide array of industries during a limited time period.

Some of these industries include: computers software, consumer electronics, semiconductors and components, healthcare and medical, automotive, lighting and financial services.

Binns said he is working on developing a new patent purchase program that will structured differently than IP3 without a requirement for a minimum capital commitment. He declined to comment further on what that might involve. He added that the new program would be planned for 2017.

—To reach the reporter responsible for this story, please contact Dan Lonkevich at 707 318-7899 or at dan@thepatentinvestor.com