Local company PowerbyProxi has just closed a $5 million Series C funding round, with US-based TE Connectivity taking a share in the business, and existing investor, New Zealand VC firm Movac, also upping its stake.
PowerbyProxi is a spin-out of the University of Auckland engineering department and holds more than 120 patents worldwide. Its wireless power transfer system has applications in many scenarios - for consumers, that could include the ability to recharge electronics without needing to plug them into the wall.http://www.youtube.com/watch?feature=player_embedded&v=Aqf3b7hqsxw
Executive chairman Greg Cross said the funds would be used to grow international sales, customer support, and develop new technology platforms.
“This new round of investment demonstrates faith in the growth of this sector and the milestones we have achieved."
TE Connectivity is a $13 billion tech company with almost 90,000 employees in more than 50 countries.
The partnership's first outcome will be a miniaturised contactless connectivity product, small enough to be easily integrated into new applications for industrial machinery and equipment.