Phononic cools on $21m series C

Phononic, a spin-out of North Carolina State University, has raised a $21m series C to continue commercialising solid state cooling technology.

The round was led by Beijing-based Tsing Capital, with participation from National Bank Financial, a subsidiary of the National Bank of Canada, and existing backers Oak Investment Partners and Venrock, originally established in 1969 as the venture capital arm of the Rockefeller family.

The round brings Phononic’s total funding to $31m following a series B round in 2011 supported by Venrock and Oak Investment Partners.

The company is developing air-cooling systems designed for air-conditioning and refrigeration. Phononic’s unique angle is that the North Carolina-based firm’s tech is solid state, which reduces the noise of the systems, makes them more energy efficient, and removes both toxins and moving parts from the process.

Anthony Atti, Phononic chief executive 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.”