Phononic, a US-based producer of heating and cooling technology, closed a $71m series D round yesterday backed by healthcare system Rex Healthcare, after financial services firm UBS provided a $40m extension.
UBS invested in the round through its wealth management subsidiary. Rex Healthcare’s corporate venturing arm, Rex Healthcare Ventures, participated in its $31m first close in September 2016, though the amount was reported as $30m at the time.
The initial tranche also featured Huaneng Invesco WLRoss, a joint venture between utility Huaneng Power Company and investment management firm Invesco WL Ross, as well as GGV Capital, Lookout Capital, Eastwood Capital Corp, Venrock, Oak Investment Partners, Tsing Capital and Wellcome Trust.
Founded in 2008 as a spinout of North Carolina State University, Phononic has created solid-state semiconductor technology used for thermal management systems. The technology has applications in areas such as refrigeration and fibre optics.
The funding will boost Phononic’s global sales and marketing activities, and its customer service and support efforts, and will also support an expansion into new markets.
Phononic has received approximately $155m to date, and its shareholders also include financial services firm National Bank Financial.
Rex Healthcare Ventures previously also took part in a $44m round in 2014 that was co-led by Wellcome Trust and Eastwood. The other investors in that round were Tsing, Venrock, Oak and WLR China Energy Infrastructure Fund, which is managed by Huaneng Invesco WLRoss.