PowerbyProxi, an Auckland, New Zealand-based developer of a wireless power system, closed a $5m Series C funding round.
Backers included existing investor venture capital firm Movac and TE Connectivity (NYSE: TEL), a global provider of connectivity solutions.
In addition to the funding, the company also announced a new partnership which TE to sell the ARISO Contactless Connectivity Platform, a miniaturized contactless connectivity solution, which can be integrated into new applications for industrial machinery and equipment. The new line of non-contact couplers, being sold and marketed by TE, incorporates PowerbyProxi’s Proxi-Wave technology.
It intends to use the funds to grow its international sales and customer support structures and to accelerate the development of new technology platforms.
Led by Greg Cross, Executive Chairman, PowerbyProxi is a spin-out of the University of Auckland’s engineering department and holds a patent portfolio with 122 patents issued worldwide.