Tsing Capital, WLR China fund join $44.5m round for Phononic
Tsing Capital and WLR China Energy Infrastructure Fund have participated in a Series D round of funding worth $44.5 million for Phononic, a US-based manufacturer of solid-state cooling and refrigeration devices.
The round was led by Eastwood Capital Corp and the Wellcome Trust, with Venrock, Oak Investment Partners and Rex Health Ventures also participating. Tsing led the company's $21 million Series C round in December 2013.
Phononic develops consumer products using semiconductor - or solid state -technology to provide sustainable, distributed, convenient, and connected thermal management solutions. It recently introduced a line of refrigeration products for laboratories, research centers and medical facilities, complementing its existing residential line.
The technology can also be applied to fiber optics, telecom and data server infrastructure that requires temperature controls. The new capital will be used to drive sales, penetrate new markets and expand manufacturing capacity.
"Phononic is entering an exciting period of growth," said Will Morton, a director at WLR China Energy Infrastructure Fund and a Phonomic board member, in a statement. "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."
WLR China Energy Infrastructure fund is a joint venture vehicle set up by China's Huaneng Power and Invesco WLRoss.
In 2009, Phononic received a $3 million grant from the US Department of Energy's new Advanced Research Projects Agency Energy (ARPA-E) to develop highly efficient thermoelectric devices that convert waste heat from industrial and commercial processes into usable electric power.
It received $2 million and $10 million in Series A and B funding, respectively, from Venrock and Oak Investment. The Series C round - which featured National Bank Financial as well as Tsing, Venrock and Oak Investment - was intended to expand the engineering team and also establish a presence in Asia.
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