No, I hadn’t heard of it either, but the short story is that Adobe is giving away its IP to make type look more beautiful on your screen.
FreeType, an open-source library for font rendering, is used either partially or exclusively by Android, Chrome OS, iOS, GNU/Linux and other free Unix operating system derivatives such as FreeBSD and NetBSD. This makes FreeType the font rendering software of choice for more than a billion devices.
Details & examples are here. I’m just excited that Adobe, which since its founding 30 years ago has been redefining what’s possible around beautiful type, is making this contribution. More info from Google is here.