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Phononic Raises $21M Series C Funding Led by Tsing Capital

  Phononic Raises $21M Series C Funding Led by Tsing Capital

Business Wire

RALEIGH, N.C. -- December 12, 2013

Phononic, a leader in commercializing solid-state cooling and refrigeration
technology, today announced the close of a $21 million Series C financing led
by Beijing-based Tsing Capital with National Bank Financial and existing
investors Venrock and Oak Investment Partners. The funds will be used to
expand the engineering team, transition from pilot to volume manufacturing and
establish a presence in Asia.

Phononic’s disruptive approach to cooling and refrigeration integrates
high-performance, solid-state heat pumps into a manufacturing-friendly systems
platform that realizes refrigeration consumer products that are quiet, energy
efficient, toxin-free and require no moving parts.

Dr. Anthony Atti, Phononic CEO and co-founder, said: “Compressors are heavy,
noisy, take up valuable space and require toxic coolants, yet they represent a
multi-billion dollar refrigeration and window-mounted air conditioning market
opportunity. This financing supports Phononic’s goal of becoming the leading
global provider of compressor-free, solid-state refrigeration and cooling
solutions.”

Ian Zhu, partner at Tsing Capital and new Phononic board member, said:
“Phononic is doing something truly disruptive. We believe Asia, particularly
China, presents a huge opportunity for Phononic to improve the energy
efficiency and reduce the environmental impact of refrigerators and
window-mounted air conditioners, and Tsing is ready to help Phononic enter
this market.”

About Phononic

Phononic, headquartered in Research Triangle Park, North Carolina, is a growth
stage, Consumer Products Company commercializing solid-state heat pumps and
fully integrated systems that displace compressors for residential and
commercial refrigeration, window mounted air conditioning and heating. The
company was previously an ARPA-E awardee in the inaugural class in 2009, and
has recently been named a 2013 Global Cleantech 100 company.  For more
information, visit: www.phononic.com.

Contact:

BIGfish Communications
Meredith Frazier, +1-202-609-7622
Phononic@BIGfishmarket.com
 
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