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Apple snaps up wireless power developer PowerbyProxi

Apple snaps up wireless power developer PowerbyProxi for undisclosed sum

By Rebecca Howard

Oct. 25 (BusinessDesk) - Apple, the world's biggest technology company, has bought New Zealand wireless power developer PowerbyProxi for an undisclosed sum.

The change in ownership was confirmed by an Apple spokesman in an email, but he refused to provide any details or the terms of the agreement. Fairfax Media reported Apple senior vice president of hardware engineer Dan Riccio said the "team will be a great addition as Apple works to create a wireless future". PowerbyProxi officials were not immediately available for comment.

Company's Office filings show Samsung Investment Corp, the global investment arm of the Samsung Group owns 9.6 percent of the company, which was spun out of the University of Auckland, paying US$4 million for its stake in 2013. PowerbyProxi director Michael Pachos, who is also on the SVIC board, declined to comment on the sale to Apple, but did congratulate the PowerbyProxi team on his Linkedin page saying "I am proud to have been an investor and board member of PowerbyProxi."

PowerbyProxi focuses on two key areas: consumer electronics and industrial applications. Its total portfolio consists of over 350 patents, patent applications and pending patents and it claims to "solve mission-critical problems in demanding, hostile industrial environments where the delivery of consistent power is imperative".

Its technology is used in things such as forestry and construction machinery aerospace and industrial sensors as well as wireless charging for mobile devices, something Apple has introduced with its latest glass-backed phones.

(BusinessDesk)

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