Phononic Raises $44.5 Million in Series D Funding

RALEIGH, N.C. -- Phononic, a consumer products company reinventing cooling and heating, today announced that it has secured $44.5 million in Series D funding. The round is led by Eastwood Capital Corp and the Wellcome Trust, along with a syndicate comprised of WLR China Energy Infrastructure Fund, Tsing Capital, Venrock, Oak Investment Partners and Rex Health Ventures. The funds will be used to drive sales of the company's solid state solutions in Cold Products and Electronics Cooling, penetrate new market opportunities and expand manufacturing capacity.



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Phononic's disruptive approach to cooling and heating uses semiconductor -- or solid state -- technology to provide sustainable, distributed, convenient, and connected thermal management solutions. The company recently introduced its first-of-its-kind refrigeration product line for laboratories, research centers and medical facilities, complementing its residential commercialization efforts. Phononic's technology is now also being applied to fiber optics, telecommunications and data server infrastructure cooling, with thermal solutions necessary to continue Moore's Law.

"The last year has seen tremendous and exciting growth for Phononic as more people have become aware of the game-changing nature of our solid state thermal management technology," said Tony Atti, CEO, Phononic. "This latest round of financing will enable us to deliver and expand comprehensive product solutions to our customers and partners."

"Phononic is entering an exciting period of growth," said Will Morton, Phononic board member and Director at WLR China Energy Infrastructure Fund, a fund managed by a joint venture between Huaneng Power Company and Invesco WLRoss. "We believe Phononic's cold product and cold chain refrigeration and electronics cooling solutions present a tremendous investment opportunity, and look forward to seeing Phononic continue to grow as an industry leader."

About Phononic
Phononic is a consumer products company innovating solid state thermal management solutions that realize sustainable, distributed, convenient, and connected cooling and heating products. Diverse market opportunities include refrigeration cold storage and transport, climate control and comfort, and fiber optics and data server communications. Headquartered in North Carolina's world-renowned Research Triangle Park, the company is led by an experienced entrepreneurial team and backed by a best-in-class global mix of venture capital and institutional investors. The company was previously an ARPA-E awardee in the inaugural class in 2009, and has recently been named a 2014 Global Cleantech 100 company. For more information, visit: www.phononic.com.

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