Auckland, April 15, 2009 – Auckland-based wireless power solutions company PowerbyProxi has secured investment to accelerate growth from local investors Movac and Evander Management, sending a positive signal that high growth potential businesses are still getting funded in these changing economic times.
PowerbyProxi delivers ‘unplugged power’ – eliminating the need for a physical power cable. The technology was developed to change the way electricity is delivered in hostile industrial environments where traditional power cables and physical connectors are problematic due to moving parts and/or wet and dirty environments. The technology can also be used for consumer device applications where convenience or design demands a wireless power solution.
PowerbyProxi Executive Chairman Greg Cross says, “PowerbyProxi are pioneers in the design and development of turnkey wireless power solutions. We’re delighted to have the backing of Movac and Evander Management as we go to market. Their investment and expertise will be used to accelerate technology development, grow the team and build on the 2008 launch of our first commercial products in the US.”
The current cap round as well as the follow-on round were fully taken up by angel investor Movac with a track record of early stage investment success including TradeMe, and Evander Management Limited a private investment company.
David Beard a partner at Movac said, “With all of our investments we look for high growth potential, and the PowerbyProxi technology, team and global potential impressed. We’re funding a company that has a fantastic market opportunity and a really compelling sales proposition. Movac is committed to investing in early stage companies. This investment shows that businesses can still get money in tough times if they are focused on meeting unmet needs.”
PowerbyProxi, based at the ICEHOUSE business growth centre, is founded based on leading edge research from the University of Auckland in 2007. The company has already come to the attention of industry due to a 12 month development effort with John Deere.
PowerbyProxi recently completed the commercial launch of the Proxi-RingTM, a completely contactless slip ring which is used to transfer power across 360 degree rotating joints. The new technology replaces mechanical slip rings which have a reputation for failure and high associated maintenance costs.
Greg Cross says, “Securing investment has allowed us to accelerate our plans for key international markets like the US and Japan. It will also enable us to build out our research and development team who really are doing some ground breaking work in this exciting space.”