Phononic, a US-based developer of heating and cooling systems, has raised $44m in series D funding from investors including Rex Health Ventures, a subsidiary of North Carolina hospital Rex Healthcare.
Eastwood Capital Corp and Wellcome Trust co-led the round, which also featured Tsing Capital, Venrock, Oak Investment Partners and WLR China Energy Infrastructure Fund, which is managed through a joint venture between power producer Huaneng Power Company and investment management firm Invesco WL Ross.
Phononic produces solid state thermal heat pumps and systems for electronics including fibre optics, telecommunications and data server infrastructure. It will use the funding to support sales of its products, enter new markets and expand its manufacturing capacity.
The cash boosted Phononic’s total funding to $85.5m since it was founded in 2008. Its previous rounds were backed by Tsing Capital, Venrock, Oak Investment Partners and Canada-based National Bank Financial.
Will Morton, a director at WLR China Energy Infrastructure Fund, said: “Phononic is entering an exciting period of growth.
“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.”