DURHAM, N.C.--(BUSINESS WIRE)--Phononic, the company revolutionizing cooling and heating with solid-state technology, today announced it has raised $30 million in funding featuring new investors GGV Capital and Lookout Capital. The global syndicate also includes returning investors Eastwood Capital Corp, Venrock, Oak Investment Partners, Tsing Capital, Huaneng Invesco WLRoss, Wellcome Trust and Rex Healthcare Ventures. The funding will be used to grow the company’s sales and marketing organization responsible for expanding a portfolio of disruptive solid-state products in electronics cooling, and healthcare, residential, and commercial/merchandising refrigeration; within existing and new global markets.
“We’ve seen exponential sales growth in healthcare and life sciences refrigeration where we offer unprecedented sample protection, and in high performance fiber-optic communications where our micro- and pico-TEC devices deliver cooling in a demanding form factor,” said Tony Atti, Phononic co-founder and CEO. “This capital provides Phononic with additional resources to scale our existing businesses and expand into new markets ripe for smart and sustainable solid-state hardware solutions.”
Concurrent with this round of financing, Phononic welcomes two new members to its board of directors: Jenny Lee, Managing Director at GGV Capital headquartered in Shanghai, China and Menlo Park, California and Bill Holland, Chairman of CI Financial headquartered in Toronto, Ontario, Canada. Widely recognized as leading venture capital and public equity investors, respectively, their inclusion further supports Phononic’s global market expansion.
“Phononic is displacing 100-year-old technologies in well-established industries and penetrating them with products that are smart and sustainable,” said Jenny Lee, Managing Director at GGV Capital. “I’m excited to be a part of Phononic, especially as their products are well positioned to exploit the fast-growing Asian market where cooling and heating has been challenging or unavailable via incumbent technologies.”
“I’m always on the lookout for companies that are changing the status quo, and Phononic is a game changer in delivering smart and sustainable hardware solutions for the rapidly growing electronics and refrigeration markets,” said Bill Holland, Chairman of CI Financial. “Phononic’s technology is solving a significant challenge for today’s consumers and I’m excited to join the board to support the Phononic team.”
Atti added, “We’re excited to welcome Jenny and Bill to our team and look forward to their insights. The extension of our board and this round of funding will help us expand at unprecedented rates with an unrivaled category of hardware solutions for cooling and heating.”
Phononic combines high performance thermoelectric devices manufactured at its state-of-the-art facility in Research Triangle Park, NC with fully integrated systems to deliver smart, sustainable and solid state-powered products that displace compressors, heat sinks and fans.
Phononic is revolutionizing cooling and heating with solid-state thermal management solutions. Named to CNBC’s 2016 Disruptor 50 list for its innovation within the cooling and heating industry, the company provides solid-state semiconductor technology that can be applied to everything from refrigeration to fiber optics, removing the barriers of traditional approaches and ushering in a new era of cooling and heating. The result is a solution to this age-old challenge that is smart, sustainable and solid state. For more information visit www.phononic.com or follow us on Twitter @PhononicRTP.