Samsung surprises with investment in Kiwi company
PowerbyProxi has today received $4m in funding from Samsung Ventures Investment Corporation (SVIC), the first form of investment in a New Zealand company by the tech giants.
Bringing the total value of the company’s Series C financing to over $9m, Michael Pachos from SVIC now joins PowerbyProxi’s board as part of the deal.
The global investment arm of the Samsung Group, SVIC is one of the leading global players in areas that range from mobile devices and flat-panel displays to chemicals and life insurance, with the investment marking its first in the wireless power industry.
“Receiving this investment from the world’s leading consumer electronics brand is a clear endorsement of our wireless power IP portfolio,” says 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."
Unlike other wireless power companies, Cross says 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,” says 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."
The companies also revealed that they have entered into a strategic partnership where Samsung licences PowerbyProxi’s consumer electronics (CE) and home appliance wireless power IP and technology.
Since 2000, Samsung Electro-Mechanics has focused on the digital parts industry based on high frequency, software and design/production technology, with the company’s vision to create the future of the digital world through cutting-edge technologies and components.
“Our research identified PowerbyProxi as a leader in wireless power technology based on its expertise, track record and comprehensive patent portfolio,” says Hugh Kim, VP, Director of Wireless Charging Development, Samsung Electro-Mechanics.
“We are excited to work together on innovative consumer products that will raise the bar for our industry.”
Kim claims the announcement signals Samsung Electro-Mechanics’ commitment to wireless power and wireless charging as a key technology for the future of CE and home appliances.
Through its partnership with PowerbyProxi the company will be able to produce wireless power solutions that will provide a new generation of functionality for electronic parts’ manufacturers to offer to their customers.
“This is a major agreement for us in the consumer electronics market and enables us to leverage our wireless power technology and IP to deliver the best user experience to a mass audience,” says Fady Mishriki EVP and CTO, PowerbyProxi.
“SEMCO’s extensive due diligence clearly demonstrates that the strength of our IP and engineering capabilities solve many of the technical challenges limiting current versions of wireless power.
"Our partnership is further evidence that wireless power and charging are fast becoming mainstream."