Phononic, a specialist in cooling and heating with solid-state technology, has raised USD30 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 organisation 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 fibre-optic communications where our micro- and pico-TEC devices deliver cooling in a demanding form factor,” says 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 has added 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.
“Phononic is displacing 100-year-old technologies in well-established industries and penetrating them with products that are smart and sustainable,” says Lee. “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,” says Holland. “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.”
