Wednesday, April 17, 2013

PowerbyProxi Snags $5M For Wireless Power

Pleasanton-based PowerbyProxi, a developer of wireless power systems, announced yesterday that it has raised $5M in a Series C funding round. The funding came from TE and Movac, a New Zealand venture capital firm. PowerbyProxi is developing a wirress power system. The company said the partnership with TE is around a miniaturized, contactless power product small enough for use in industrial machinery and equipment.