Samsung takes License from Powerby Proxi and makes $4 Million Strategic Investment

PowerbyProxi 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 and existing investor, Movac. 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.

At the same time, Samsung Electro-Mechanics, a world-leading producer of high-tech integrated components of electronics and mechanical devices for all electrical devices, and PowerbyProxi, developer of the world's most advanced and safest wireless power system, today announced they have entered into a strategic partnership licensing PowerbyProxi's consumer electronics (CE) and home appliance wireless power IP and technology.

"Our research identified PowerbyProxi as a leader in wireless power technology based on its expertise, track record and comprehensive patent portfolio," said Vice President, Hugh Kim, Director of Wireless Charging Development, Samsung Electro-Mechanics. "We are excited to work together on innovative consumer products that will raise the bar for our industry."

“This announcement signals Samsung Electro-Mechanics' commitment to wireless power and wireless charging as a key technology for the future of CE and home appliances. Through its partnership with PowerbyProxi the company will be able to produce reliable and advanced wireless power solutions that will provide a new generation of functionality for electronic parts' manufacturers to offer to their customers.,” Kim continued.

"This is a major agreement for us in the consumer electronics market and enables us to leverage our wireless power technology and IP to deliver the best user experience to a mass audience," said Fady Mishriki EVP and CTO at PowerbyProxi. "SEMCO's extensive due diligence clearly demonstrates that the strength of our IP and engineering capabilities solve many of the technical challenges limiting current versions of wireless power. Our partnership is further evidence that wireless power and charging are fast becoming mainstream," said Mishriki.

"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.