US deal signals Power to the Proxi
Wireless firm PowerbyProxi has secured $5 million funding from a new American investor, electronics company TE Connectivity.
Revealed earlier this week, the deal will see the company develop wireless devices with PowerbyProxi executive chairman Greg Cross believing the investment shows faith in the sector's continuing growth.
"When looking at what we wanted out of this series C funding round we were looking for a strategic investor," he said.
"It's great to have a company this substantive come in as a shareholder."
TE, which currently competes in one of the world’s fastest growing markets, helps connect power, data and signal in everything from automotive and aerospace to broadband communications, consumer, energy and industrial applications.
Under agreement soy the deal, TE will have a 15% equity stake in the New Zealand company, with Kiwi venture capital firm Movac increasing its own stake to around 40% - up from 35.2%.
Cross says the investment will be used to boost the company's worldwide sales and customer support base, as PowerbyProxi continues to expand within the industry.
Founded by Cross and Fady Mishriki in 2007, the start-up has gone from strength to strength, and hopes the cash will see the company turn a profit during 2013.