Samsung surprises with first investment in Kiwi wireless power company

Samsung Ventures America has spent $4 million on New Zealand-based startup firm PowerbyProxi, which works on wireless charging devices for mobile phones, entering into a strategic partnership with the company. According to a report by The Droid Guy, Michael Pachos, senior investment manager of Samsung Ventures America, said, “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.”

Powerproxi is inclined towards the Qi Wireless charging standard, which means that it backs the Wireless Power Consortium. The company has developed charging devices in which, users simply have to keep their mobile phones on top of the device in order to charge it. 

This is the first time that Samsung has made an investment in the wireless charging industry. It is also the third round of funding for Powerproxi, which has now raised $20 million in funding.

The Droid Guy also quoted Greg Cross, CEO and chairman of PowerbyProxi, who said that Samsung’s investment wouldn't interfere with the independence of the company, “We want to support as many consumer electronics and industrial components as we possibly can.

For more information check this article by Techday:
http://techday.com/telco-review/news/samsung-surprises-with-investment-in-kiwi-company/170708/