Phononic said Thursday that it has raised $21 million in Series C financing. Beijing-based Tsing Capital led the round with participation from National Bank Financial and existing investors Venrock and Oak Investment Partners. The capital infusion will be used to expand the engineering team and establish a presence in Asia. Headquartered in Research Triangle Park, North Carolina, Phononic is a provider of commercializing solid-state and refrigeration technology.
RALEIGH, N.C.–(BUSINESS WIRE)–Phononic, a leader in commercializing solid-state cooling and refrigeration technology, today announced the close of a $21 million Series C financing led by Beijing-based Tsing Capital with National Bank Financial and existing investors Venrock and Oak Investment Partners. The funds will be used to expand the engineering team, transition from pilot to volume manufacturing and establish a presence in Asia.
Phononic’s disruptive approach to cooling and refrigeration integrates high-performance, solid-state heat pumps into a manufacturing-friendly systems platform that realizes refrigeration consumer products that are quiet, energy efficient, toxin-free and require no moving parts.
Dr. Anthony Atti, Phononic CEO and co-founder, said: “Compressors are heavy, noisy, take up valuable space and require toxic coolants, yet they represent a multi-billion dollar refrigeration and window-mounted air conditioning market opportunity. This financing supports Phononic’s goal of becoming the leading global provider of compressor-free, solid-state refrigeration and cooling solutions.”
Ian Zhu, partner at Tsing Capital and new Phononic board member, said: “Phononic is doing something truly disruptive. We believe Asia, particularly China, presents a huge opportunity for Phononic to improve the energy efficiency and reduce the environmental impact of refrigerators and window-mounted air conditioners, and Tsing is ready to help Phononic enter this market.”
Phononic, headquartered in Research Triangle Park, North Carolina, is a growth stage, Consumer Products Company commercializing solid-state heat pumps and fully integrated systems that displace compressors for residential and commercial refrigeration, window mounted air conditioning and heating. The company was previously an ARPA-E awardee in the inaugural class in 2009, and has recently been named a 2013 Global Cleantech 100 company. For more information, visit: www.phononic.com.