PowerbyProxi Closes $5M Series C Funding
Summary
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.