Reuters reported that PowerbyProxi was able to raise an additional US$5 million of funding previously reported in VentureBeat. Based on the reports, the additional funding was solicited from its existing investors such as Germany's TE Connectivity. The newly Infused funding would be utilized to develop applications for wireless power technology.
Devices that produce power without using cables are ideas from an imaginative scientist. Nowadays, no one can deny that nobody wished it didn't exist due to its practicality. Wireless power eliminates the use of cables in the same manner that wireless frequency or WIFI eliminates the usage of networking wires. It was all too far fetched in the distant past but PowebyProxi has designed a cool charger that can be utilized to charge wireless devices by simply placing it inside the box, regardless of position. Although these devices have a short life span they are preferred to be used for its convenience.
German based TE Connectivity, Darmstadt, bought shareholdings in the Auckland, New Zealand based PowerbyProxi. Darmstadt is an industrial company that has an existing employee headcount of 90,000 generating US$13 billion revenue. Movac, a New Zealand based venture capital firm, is another existing investor in PowerbyProxi that participated in the company's third round of funding.
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