Phononic Announces $30 Million in New Financing
Company plans to expand its product offering in new and existing markets
DURHAM, N.C. — Phononic, a developer of solid-state cooling and heating technology, announced it has raised $30 million in new funding. The company said the funding will be used to grow its sales and marketing organization for expansion of its solid-state products in electronics cooling, and health care, residential, and commercial/merchandising refrigeration, within existing and new markets.
“We’ve seen exponential sales growth in health care 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. 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 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,” said 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.”
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, North Carolina, with fully integrated systems to deliver smart, sustainable, and solid-state-powered products.
For more information, visit www.phononic.com.
Publication date: 9/27/2016