Royalty deal launches year for tech firm
Local tech firm PowerbyProxi has had an electric start to the new year, signing another major licensing deal for its wireless power technology.
The company announced this morning it had signed an agreement with Texas Instruments (TI), a Fortune 500 global semiconductor company listed on the Nasdaq.
The deal gives TI access to the Auckland-based company's intellectual property and extensive patent portfolio, for which it will pay royalties on every chip shipped.
"It is another really important deal for us," PowerbyProxi chief executive Greg Cross said.
"These types of licensing deals don't get done overnight, so it's particularly good to get this one concluded at the start of the year."
The agreement follows last year's forging of a strategic partnership with Korean electronics giant Samsung, which also included a $4 million funding top-up.
Cross said PowerbyProxi's top priority was working with TI to implement the technology, rather than striving to reach profitability this year.
"Once it starts to ship and we start to see it integrate, the money starts to flow and the volumes will start to build."
TI's products are used by engineers who design wireless-charging systems for smartphones, tablets and other portable electronics, as well as integrating charging pads into the likes of cars and furniture. It now uses "tightly coupled" wireless power technology, which requires the transmitter and receiver to be positioned very precisely.
PowerbyProxi's point of difference is its "resonant" technology, which allows for a more flexible range of contact.
"It means you can place your phone anywhere on a charging pad, any angle, any direction," Cross said. "This has the potential to be one of the first implementations of what will evolve into the next standard of wireless power."
Steve Lambouses, TI vice-president and general manager of battery management, said PowerbyProxi's technologies could work across any standard being developed globally.
"We believe this is an excellent opportunity to use their expertise and IP [intellectual property] to provide new and exciting capabilities to the market."