Apple has acquired the wireless charging technology developer for an undisclosed amount, allowing Samsung and TE Connectivity to exit.

Consumer electronics producer Samsung and sensor manufacturer TE Connectivity have exited New Zealand-based wireless charging developer PowerbyProxi following its acquisition by computing company Apple for at least $100m.

While the exact figure has not been confirmed, the deal’s miminum value was confirmed by New Zealand government agency Overseas Investment Office in a summary approval.

Founded in 2007 as a spinout from University of Auckland, PowerbyProxi has been developing wireless charging technology for a range of battery powered devices including sensors, robotics and medical equipment.

TE Connectivity took a 10% stake in PowerbyProxi when it contributed to a $5m tranche of series C funding in May 2013, alongside venture capital firm Movac.

Samsung provided the final $4m when the series C round closed at $9m in September that year, making the investment through its corporate venturing unit, Samsung Ventures Investment Corporation.

Movac had previously joined Evander, the investment arm of the Holdsworth family, in a 2009 funding round for the company that raised an undisclosed amount.

Other PowerbyProxi investors include Ice Angels, which had a 2% stake according to Stuff.co.nz, and New Zealand Venture Investment Fund.

Andy Hamilton, a board member of Ice Angels, confirmed to Stuff.co.nz that the company’s backers received a return on their investment.

– This article was updated on December 1 to reflect the deal’s minimum value.