Wireless-Charging Firm PowerbyProxi Lands $4 Million Investment From Samsung
Wireless-charging startup PowerbyProxi announced on Sunday that Samsung’s venture arm is investing $4 million in the company as part of an ongoing Series C funding round.
PowerbyProxi’s wireless-charging system is designed to allow multiple devices to be placed on a single charger, and permits more flexibility in how the devices are positioned.
“Receiving this investment from the world’s leading consumer electronics brand is a clear endorsement of our wireless power IP portfolio,” PowerbyProxi CEO Greg Cross said in a statement.
Samsung Ventures America senior investment manager Michael Pachos will join PowerbyProxi’s board, and the two companies are also forming a strategic partnership.
“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,” Pachos said in a statement. “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.”
Earlier this year, PowerbyProxi joined the Wireless Power Consortium, the backer of the Qi standard. The WPC is one of several competing efforts, including the Alliance for Wireless Power (A4WP) and Power Matters Alliance.
Starbucks gave a jolt to the Power Matters Alliance, announcing in July that it was doing an expanded trial in Silicon Valley using that group’s technology.