Samsung Makes $4 Million Investment In Wireless Charging Company

Samsung Ventures America has made a $4 million funding in a wireless charging startup called PowerbyProxi. The system that this company has developed allows multiple devices to be placed on a single charger for wireless charging. The system also allows more flexibility on how the devices are positioned on the single charger. Senior investment manager at Samsung Ventures America, Michael Pachos, will now be joining PowerbyProxi’s board as both companies are also forming a strategic partnership. Recently PowerbyProxi announced that it had become an ally of the Wireless Power Consortium, a group that backs the popular Qi wireless charging standard.

The investment from Samsung comes as part of the wireless charging company’s ongoing Series C funding round. PowerbyProxi’s CEO Greg Cross has said that the fact that they have received this investment from “the world’s leading consumer electronic brand,” is in itself an endorsement of the company’s wireless power IP portfolio. Samsung Ventures’ Michael Pachos says that wireless power transfer is going to “significantly change the way consumers use and interact with their devices.” It remains to be seen what fruits the strategic partnership both companies have formed will bear, nevertheless, $4 million for a wireless charging startup is definitely going to be welcome injection.

Adnan Farooqui
Categories: General
Tags: qi, Samsung