In April 2024, Ericsson assigned 54 US patents to NovaCloud Licensing LLC. Now, just over a year later, the recipient has recorded security interests in the former Ericsson patents, one back to Ericsson itself, dated on April 8, 2025, and an April 18 one to NCLD1 LLC, an entity created in Delaware on March 26, 2025. While NCLD1 is of uncertain management and personnel, the correspondent for the interest transfer to NCLD1 is the cofounder of a prominent IP monetization backer.