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Samsung invests $4 million in PowerbyProxi as part of a strategic partnership

Business news |
By eeNews Europe


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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.

What’s more, Samsung has entered into a strategic partnership with PowerbyProxi to license its consumer electronics and home appliance wireless power IP and technology.

“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.

PowerbyProxi is 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.

Visit PowerbyProxi at www.powerbyproxi.com

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