You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text.

OSLO, Norway--(BUSINESS WIRE)--Elliptic Labs announced today that it has licensed its AI software to a large device manufacturer. This non-exclusive licensing agreement has a minimum guaranteed value of $3 million. About Us Elliptic Labs is headquartered in Norway with presence in the USA, China, South-Korea, and Japan. Founded in 2006 as a research spin-off from Norways Oslo University, it is now a global enterprise targeting the smartphone, laptop, IoT, and automotive markets. The Companys patented AI software combines ultrasound and sensor-fusion algorithms to deliver intuitive 3D gesture and presence sensing experiences. Its scalable AI Virtual Smart Sensor Platform creates software-only sensors that are sustainable, eco-friendly, and already deployed in over 100 million devices. Elliptic Labs is the only software company in the market that has delivered detection capabilities using AI software, ultrasound and sensor-fusion deployed at scale. Elliptic Labs technology and IP are developed in Norway and solely owned by the Company.

Answer: Elliptic Labs Announces $3 Million Software License Agreement