A UK firm has announced a new contract with a semiconductor corporation for its near field communication intellectual property (NFC IP).
Innovision, which specialises in semiconductor IP, will see its primary product integrated into chips ready for mobile handsets as well as other global consumer electronic devices.
For the company, licence and development services will generate $2 million (£1.3 million) in revenue for the current financial year as well as development, licencing and royalty payments in the coming years.
In total, Innovision is forecasting contractual revenues in excess of $10 million as a result of contracts such as this.
The firm's chief executive David Wollen said deals like this with global semiconductor corporations are "tremendously encouraging" and prove there are positive signs in the NFC sector.
Mr Wollen added that a strong royalty system based upon continued shipments of mobile handsets, fostered by the popularity and demand of smartphones, may help the business to build upon its success.