PLEASANTON, California, Sept. 30, 2013 – PowerbyProxi, (www.powerbyproxi.com) developer of the world’s most advanced and
safest wireless power system, today announced it has received $4 million in
funding from Samsung Ventures Investment Corporation (SVIC). Michael Pachos
from SVIC joins PowerbyProxi’s board. This brings the total value of the
company’s Series C financing to over $9 million following an announcement
earlier this year that PowerbyProxi had raised $5 million from TE Connectivity
(NYSE: TEL) and existing investor, Movac.
SVIC is the global investment arm of the Samsung Group, the leading global
player in areas that range from mobile devices and flat-panel displays to
chemicals and life insurance. This investment marks its first in the wireless
power industry. PowerbyProxi and Samsung also announced today that they have
entered into a strategic partnership (see separate press release dated
September 30, 2013).
“Receiving this investment from the world’s leading consumer electronics brand
is a clear endorsement of our wireless power IP portfolio,” said Greg Cross,
chairman and CEO, PowerbyProxi. “Samsung’s shareholding reinforces our leading
position in wireless power transfer and will help us both serve our customers
better,” said Cross.
Unlike other wireless power companies, PowerbyProxi’s business is focused on
two key areas: consumer electronics and industrial applications. The investment
from SVIC is a strategic complement to PowerbyProxi’s relationship with TE
Connectivity, one of the largest and most influential companies in the
industrial connector markets.
“We believe that wireless power transfer is going to significantly change the
way consumers use and interact with their devices at home and on the go,” said
Michael Pachos, senior investment manager, Samsung Ventures America. “Our
investment in PowerbyProxi is consistent with our strategy to work closely with
established market leaders. PowerbyProxi is a technology leader and has built a
significant business in the wireless power transfer space. The company has
demonstrated both a technical and business vision in driving the adoption of
wireless power transfer and we look forward to contributing to its progress,”
PowerbyProxi is also an active contributing member of the Wireless Power
Consortium (WPC) (http://www.wirelesspowerconsortium.com/) Steering Committee
and committed to developing an advanced and safe standard for wireless
charging. Tony Francesca, vice president, Business Development, Consumer
Technologies at PowerbyProxi, has been appointed chairman of a WPC task force
designed to define a wireless power resonant extension to the Qi specification.
The key goal of the task force is to deliver a better user experience through
spatial freedom and multi-device charging for smartphones, tablets and many
other product categories.
PowerbyProxi has developed the world’s most advanced and safest wireless power
system. We give consumer electronics and industrial product designers the
freedom to wirelessly transfer efficient power in the most difficult places:
from a miniaturized receiver inside a AA battery to a mission critical solution
in the demanding and hostile environment of a wind turbine control system.
PowerbyProxi has worked with customers on over 50 real world projects and built
its deep technical know-how by initially focusing on complex industrial
applications. We have also created the first commercial wireless recharging
system capable of 3D power transfer, regardless of how the device is positioned
in the recharging unit. PowerbyProxi is a spin-out of the University of
Auckland’s world-leading engineering department and holds an unrivaled patent
portfolio with 126 patents issued worldwide. For more information visit:
About Samsung Venture Investment Corporation
Samsung Venture Investment Corporation is the Venture Capital arm of the
Samsung Group with offices in Seoul, Silicon Valley, Boston, London and Tokyo.
About TE Connectivity
TE Connectivity (NYSE: TEL) is a $13 billion world leader in connectivity. The
company designs and manufactures products at the heart of electronic
connections for the world’s leading industries including automotive, energy and
industrial, broadband communications, consumer devices, healthcare, and
aerospace and defense. TE Connectivity’s long-standing commitment to innovation
and engineering excellence helps its customers solve the need for more energy
efficiency, always-on communications and ever-increasing productivity. With
nearly 90,000 employees in over 50 countries, TE Connectivity makes connections
the world relies on to work flawlessly every day. To connect with the company,
TE Connectivity and TE connectivity (logo) are trademarks. Other logos,
product and/or company names might be trademarks of their respective owners.
CONTACT: For PowerbyProxi: Alice Chan, Bird PR, firstname.lastname@example.org, +1 415 740
Original Source: ◎PowerbyProxiがSumsung Venturesから400万ドルを調達と発表