Phononic, a Durham, N.C.-based developer of cooling and heating with solid-state technology, raised an additional $40m in funding.
Backers included UBS’ wealth management businesses, GGV Capital, Lookout Capital, Eastwood Capital Corp, Venrock, Oak Investment Partners, Tsing Capital, Huaneng Invesco WLRoss, Wellcome Trust and Rex Healthcare Ventures.
The company, which has now raised $71m in the round including a first close of $30m on September 6, 2016, intends to use the funds to grow its global sales and marketing organization and after-care customer service and support, within new and existing markets.
Led by Tony Atti, co-founder and CEO, Phononic is mass producing cooling and heating products featuring solid-state semiconductor technology, which can be applied to everything from refrigeration to fiber optics.
FinSMEs
16/11/2016