Consumer electronics producer Samsung and sensor manufacturer TE Connectivity have exited New Zealand-based wireless charging developer PowerbyProxi following its acquisition by computing company Apple for at least $100m.
While the exact figure has not been confirmed, the deal’s miminum value was confirmed by New Zealand government agency Overseas Investment Office in a summary approval.
Founded in 2007 as a spinout from University of Auckland, PowerbyProxi has been developing wireless charging technology for a range of battery powered devices including sensors, robotics and medical equipment.
TE Connectivity took a 10% stake in PowerbyProxi when it contributed to a $5m tranche of series C funding in May 2013, alongside venture capital firm Movac.
Samsung provided the final $4m when the series C round closed at $9m in September that year, making the investment through its corporate venturing unit, Samsung Ventures Investment Corporation.
Movac had previously joined Evander, the investment arm of the Holdsworth family, in a 2009 funding round for the company that raised an undisclosed amount.
Other PowerbyProxi investors include Ice Angels, which had a 2% stake according to Stuff.co.nz, and New Zealand Venture Investment Fund.
Andy Hamilton, a board member of Ice Angels, confirmed to Stuff.co.nz that the company’s backers received a return on their investment.
– This article was updated on December 1 to reflect the deal’s minimum value.