New York and Tel Aviv-listed TE Connectivity, a $13bn revenue industrial company, and other investors have ploughed $5m into PowerbyProxi, a New Zealand-based developer of wireless power solutions for everyday devices.
The series C round has seen TE Connectivity, which has 90,000 employees, take a 10% equity stake in Auckland-based PowerbyProxi, according to news provider New Zealand Herald. Existing investor New Zealand venture capital firm Movac also participated in the round, while Evander, the investment arm of the Holdsworth family, has built up a sizeable stake.
Greg Cross, executive chairman of PowerbyProxi, who co-founded the firm alongside Fady Mishriki in 2007, said: “Our proven innovation and miniaturisation in the field of wireless power transfer was compelling to TE and we are excited to work with the TE team on the future of wireless power.
“This new round of investment demonstrates faith in the growth of this sector and the milestones we have achieved. We will use the funds to grow our international sales and customer support structures and to accelerate the development of new technology platforms.”
PowerbyProxi, a spin-out of the University of Auckland’s engineering department, holds a 122-strong patent portfolio.