Fady Mishriki started the company with personal funds; co-founder Greg Cross, early customers like John Deere, and later venture investors provided crucial capital for R&D.

A large multinational as the first major customer validated the wireless-power technology and attracted other multinational clients.

Startup Rollercoaster

The Spark

Fady Mishriki became fascinated with electricity in high school and dreamed of removing power cables. After studying engineering at the University of Auckland, he began researching wireless power. In 2007, he founded PowerbyProxi with entrepreneur Greg Cross to commercialise resonant wireless power systems, a next-generation approach that promised more efficiency and flexibility than traditional inductive charging.

The Peak

The big break came when tractor maker John Deere signed on as the first major customer. This partnership validated the technology in demanding industrial environments and provided essential funding. The credibility of working with such a recognised global brand helped PowerbyProxi attract international attention and additional large clients across industries.

The Drop

Recruiting skilled engineers in New Zealand and convincing suppliers to back an unknown deep-tech startup proved challenging. Wireless power was still ahead of mainstream adoption, requiring significant investment in R&D and testing. Scaling hardware production and meeting the high reliability standards of industrial clients added to the hurdles.

The Reset

PowerbyProxi built resilience by investing heavily in patents, ultimately amassing one of the strongest intellectual property portfolios in wireless power. The company also diversified applications, expanding from industrial machinery to consumer electronics and even medical devices. Winning a wider range of customers provided both credibility and recurring revenue streams.

The Discipline

The founders maintained a long-term vision, choosing to reinvest profits into research rather than chasing fast growth. Strategic partnerships — with both corporates and research institutions — allowed them to extend resources and scale globally without relying solely on venture capital. This discipline positioned the company as a respected deep-tech innovator.

The Climb

With a robust patent portfolio and a strong customer base, PowerbyProxi established itself as a global leader in wireless power technology. Its credibility eventually attracted Apple, which acquired the company in 2017 to bolster its own wireless charging ambitions. The acquisition provided a major validation of PowerbyProxi’s pioneering work and marked one of New Zealand’s most high-profile deep-tech exits.

Read more

• https://en.wikipedia.org/wiki/PowerbyProxi
• https://www.stuff.co.nz/business/97685707/apple-buys-nz-wireless-charging-company-powerbyproxi
• https://techcrunch.com/2017/10/30/apple-acquires-wireless-charging-company-powerbyproxi/
• https://www.movac.co.nz/fund-3/powerbyproxi-closes-5m-in-series-c-funding/
• https://pitchbook.com/profiles/company/56615-77

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