Intellectual Ventures is adding to its huge pile of patents. The Bellevue-based firm, founded by former Microsoft CTO Nathan Myhrvold, is today announcing a partnership with broadband company Telcordia Technologies, giving it access to more than 500 Telcordia patents. Intellectual Ventures has also pledged to fund Telcordia research and development.

Intellectual Ventures said this is the first time it's combined licensing patents with funding research at another institution, and said it hopes to replicate this kind of deal elsewhere.

“In difficult economic times, long-term R&D programs are often the first efforts cut, yet those are the worst times to stifle great minds and their new ideas because that is when the world needs them the most,” said Myhrvold, in a statement. He added: "Telcordia is taking a leadership role here by extending the use and reach of its impressive patent portfolio, and Intellectual Ventures is positioned to supply the long-term capital to allow for this future growth and job creation.”

Exact terms of the deal were not disclosed. Telcordia, based in Piscataway, N.J., describes itself as a developer of "fixed, mobile and broadband communications software and services." The company on its website lists current partners as Accenture, Capgemini, IBM, Nokia Seimens Networks, and Sun, among others.

Intellectual Ventures is a controversial entity in the technology world. The firm has collected thousands of patents from private individuals, universities and research institutions, and companies, and bundles and licenses those patents to industry (the firm also conducts invention brainstorming sessions with high-powered figures in science and industry).

While Intellectual Ventures rejects the label of "patent troll" -- the name for entities that secure intellectual property with the sole purpose of prying concessions from large companies -- it has stirred controversy with its licensing fees, and many fear the firm may someday use lawsuits to pressure companies to pay for use of its intellectual property (Myhrvold has said he does not intend to litigate, but hasn't entirely ruled out the option).

Intellectual Ventures has been on a buying spree lately. The firm acquired a bunch of patents from Transmeta, a microprocessor and semiconductor company, in January. The new deal Telcordia is an interesting one. As universities and research institutions across the country struggle with funding, Intellectual Ventures' ability to provide an immediate revenue stream could be compelling for some. Of course, there's a larger debate about whether allowing an organization like Intellectual Ventures to control so much intellectual property is good overall for innovation.