ROCHESTER, N.Y.—Eastman Kodak Company announced it will spin off its wireless business into a company called Appairent Technologies Inc., which will develop technology for the wireless transmission of high-quality video, still images and data, Kodak said.
Kodak and the Monroe Fund, a private venture-capital fund managed by Trillium Group, are the initial investors. The amount of the initial investment was not disclosed. Kodak said it will also contribute a number of patents and patent applications to the new company.
Ted Wurzburg, the entrepreneur-in-residence at Trillium Group, will serve as Appairent’s chief executive officer.
Kodak’s move comes just days after Japanese mobile phone maker J-Phone said sales of its wireless camera have reached the millions, evidence that there could be large demand for Kodak’s technology.
Also, Kodak’s news comes shortly after its president and chief operating officer, Patricia Russo, left the company after only nine months to take over the top spot at Lucent Technologies Inc.
