Rex Healthcare has returned to back a $30m round for the thermal heating and cooling technology maker, having previously contributed to a $44m series D in 2014.
Phononic, a US-based producer of heating and cooling technology, secured $30m in funding on Monday in a round backed by Rex Healthcare Ventures, the investment vehicle of healthcare system Rex Healthcare.
The round included 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.
Spun out of North Carolina State University in 2008, Phononic has developed solid state semiconductor technology that has applications in a range of areas such as refrigeration, where it provides cooling while avoiding toxins and being more energy efficient.
The capital will go towards Phononic’s sales and marketing activities, as the company looks to grow its portfolio, which includes products in the electronics cooling, healthcare, residential and commercial refrigeration sectors, in existing and new markets.
Jenny Lee, managing director…
