DURHAM, N.C.--(BUSINESS WIRE)--Phononic, the company revolutionizing cooling and heating with solid-state technology, today announced it has closed a $71 million investment with an additional $40 million in funding from UBS' wealth management businesses. The global syndicate of investors participating in this round also includes GGV Capital, Lookout Capital, Eastwood Capital Corp, Venrock, Oak Investment Partners, Tsing Capital, Huaneng Invesco WLRoss, Wellcome Trust and Rex Healthcare Ventures. The now $71 million round featured a first close of $31 million on September 6, 2016. With electronics cooling and refrigeration products now in mass production, the funding will be used to grow the company’s global sales and marketing organization and after-care customer service and support, within new and existing markets.
“Our manufacturing facility in Durham, North Carolina is now in full scale production of micro- and pico-TEC cooling devices for fiber optics, and scalable heat pumps for pharmacy, healthcare and residential refrigerators,” said Tony Atti, Phononic co-founder and CEO. “UBS’ wealth management network brings sophisticated and strategic growth capital that will help us deliver smart, sustainable, solid-state products and solutions globally.”
Last month, an international agreement was struck in Rwanda with nearly 200 countries agreeing to phase out the use of toxic greenhouse gases known as hydrofluorocarbons (HFCs). These gases are commonly used in and often leaked from refrigerators and air conditioners. The agreement would require countries, including major players like the U.S., China and India, to limit HFCs with a goal of 80 percent reduction globally by 2047. As controversial attention to sustainable solutions comes to the forefront for governments, investors and entrepreneurs worldwide, Phononic is bringing smart, sustainable and cost-effective semiconductor solutions to market today. Its solid state approach realize products right now that are displacing compressors, heat sinks and fans, and most importantly, offering a solution that cuts out toxicity completely.
“The continued growth of Phononic is exciting and we welcome these additional resources from such a well-respected global institution,” said Jenny Lee, Managing Director at GGV Capital and a Phononic Board Member. "As investors are collectively on the lookout for sustainable investment opportunities that disrupt latent global markets, Phononic’s disruptive products, customer traction and sustainable cooling and heating roadmap are a global difference-maker.”
About Phononic
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.
