From resistors and LED modules to light sensors, each block represents a real component that can be attached to each other via magnetic connectors, hopefully creating a circuit in the process.

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Apple has asked companies in its supply chain to develop flat panel modules and LED light bars for two iPad prototypes code-named J1 and J2, the story says, adding that TPK Holding will begin to supply touch panels to Apple in November before Wintek start ships similar parts in December.

FORBES: Apple Reportedly To Overhaul All Products In 2012

What Transphorm is doing is making new kinds of power conversion devices, based on a material called gallium nitride (a substance best known for its use in LED lighting), which it embeds in modules and sells to equipment manufacturers.

FORBES: Google Ventures, Kleiner Back Power Conversion Play Transphorm