Samsung Ventures Investment Corporation, the global investment arm of Samsung Group, has invested USD 4 Mn in PowerbyProxi, a wireless charging technology company. With this, Michael Pachos from SVIC will join the PowerbyProxi’s board.
PowerbyProxi is the manufacturer of Proxi-Wave, a third-generation wireless power delivery system. It works on the principle of electromagnetic induction, i.e. uses coils to transmit and receive power wirelessly.
Apart from using this system for industrial applications, the company also manufactures wireless charging devices for consumer electronic devices like smartphones, tablets and AA batteries.
Both SVIC and PowerbyProxi are members of Wireless Power Consortium (WPC) which backs the inductive power charging standard Qi. On this occasion, PowerbyProxi also announced a strategic partnership for the development of wireless power solutions with Samsung Electro-Mechanics, a worldwide producer of high-tech-integrated components of electronics and mechanical devices for all electrical devices since 1973.
“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.
Earlier this year, PowerbyProxi raised USD 5 Mn in funding from TE Connectivity and the existing investor Movac. This new investment brings the total value of the company’s Series C financing to USD 9 Mn.
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