Wireless Charging Company PowerbyProxi Raises $4 Million
PowerbyProxi is a wireless-charging company that has raised $4 million in funding from Samsung’s venture capital arm. PowerbyProxi is expected to raise more in their Series C round. PowerbyProxi’s wireless-charging system lets multiple devices be placed on a single charger.
“Receiving this investment from the world’s leading consumer electronics brand is a clear endorsement of our wireless power IP portfolio,” stated PowerbyProxi CEO Greg Cross. Michael Pachos, a senior investment manager at Samsung Ventures America, will be joining PowerbyProxi’s board of directors. The two companies are also forming a strategic partnership.
This is Samsung’s first investment in a New Zealand based company. PowerbyProxi has hit a total value of over $9 million for their Series C so far after raising $5 million previously from TE Connectivity and Movac. PowerbyProxi spun out of the University of Auckland engineering school six years ago.