Phononic, a Durham-based developer of cooling and heating solid-state technology, raised $30m in funding.
Backers included new investors GGV Capital and Lookout Capital and returning investors Eastwood Capital Corp, Venrock, Oak Investment Partners, Tsing Capital, Huaneng Invesco WLRoss, Wellcome Trust and Rex Healthcare Ventures. Concurrent with this round of financing, 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, joined the board of directors.
The company intends to use the funds to grow its sales and marketing organization responsible for expanding a portfolio of solid-state products in electronics cooling, and healthcare, residential, and commercial/merchandising refrigeration; within existing and new global markets.
Led by CEO Tony Atti, Phononic provides solid-state semiconductor technology that can be applied to everything from refrigeration to fiber optics.