Michael Pachos from Samsung Ventures joins PowerbyProxi’s board
PLEASANTON, Calif., September 30, 2013 –PowerbyProxi, (www.powerbyproxi.com) developer of the world’s most advanced and safest wireless charging system, today announced it has received $4 million in funding from Samsung Ventures Investment Corporation (SVIC). Michael Pachos from SVIC joins PowerbyProxi’s board. This brings the total value of the company’s Series C financing to over $9 million following an announcement earlier this year that PowerbyProxi had raised $5 million from TE Connectivity (NYSE: TEL) and existing investor, Movac. PowerbyProxi also announced a strategic partnership with Samsung Electro-Magnetics (see separate release dated September 30, 2013).
SVIC is the global investment arm of the Samsung Group, the leading global player in areas that range from mobile devices and flat-panel displays to chemicals and life insurance. This investment marks its first in the wireless power industry. PowerbyProxi and Samsung also announced today that they have entered into a strategic partnership (see separate press release dated September 30, 2013).
“Receiving this investment from the world’s leading consumer electronics brand is a clear endorsement of our wireless power IP portfolio,” said 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,” said Cross.
Unlike other wireless power companies, 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,” said 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,” said Pachos.
PowerbyProxi is also an active contributing member of the Wireless Power Consortium (WPC) Steering Committee and committed to developing an advanced and safe standard for wireless charging. Tony Francesca, vice president, Business Development, Consumer Technologies at PowerbyProxi, has been appointed chairman of a WPC task force designed to define a wireless power resonant extension to the Qi specification. The key goal of the task force is to deliver a better user experience through spatial freedom and multi-device charging for smartphones, tablets and many other product categories.