http://www.medicalbiocare.com/html/corporate.html
Any other sources tell that IPL was invented by someone else.
I dunno, this whole thing is weird. Generally I have to defer to people saying that the system isn't using enough energy to burn hairs, but unless the guy in question has had some sort of mental break or something, I don't get why he'd be involved with it if it was a straight fraud.
As somebody who has actually undergone laser hair removal, I can tell you that IPL is not laser. It's an alternative to laser that's used by some hair removal places, and it's generally considered less effective and less permanent than real laser. IPL is the budget option. It's also not technically a laser, either. IPL is non-coherent light over a range of wavelengths, while laser is coherent light over a single wavelength.
The most effective options for laser hair removal are alexandrite and maybe diode lasers for people with pale skin and YAG lasers for people with dark skin. You won't see IPL recommended over any of these.
Mind you, if what this project is selling is a temporary way to get rid of hair, IPL might be ideal for this particular use case.