Phononic Valuation, Funding & Investors
Phononic is valued at $294M as of September 2016.
Last Phononic valuation
$294M
Series E · Sep 2016
Last Phononic funding round
$50M
Undisclosed stage · Jul 2021
Cumulative funding Phononic raised
$157M
across 6 funding rounds
Key investors in Phononic
Venrock
Oak Investment Partners
GGV Capital
Eastward Capital Partners
Wellcome Trust
Tsing Capital
About Phononic
Phononic is a Morrisville-headquartered semiconductor firm developing solid-state thermoelectric cooling systems that replace vapor-compression refrigeration. Its heat pumps enable compact, energy-efficient solutions for data centers, consumer electronics, and commercial refrigeration. Phononic's modules integrate into wine coolers and CPU chillers, partnering with manufacturers like Electrolux. Founded in 2009, the company leverages thin-film tech for sustainable climate control.
Founded
2008
HQ
Durham, NCWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$294M (Sep 2016)
Sectors
Phononic Valuation
Phononic is currently valued at $294M, based on its Series E in September 2016.
The $31M round was led by UBS Wealth Management, with participation from Wellcome Trust, The Wellcome Trust Centre for Human Genetics, Rex Health Ventures, Tsing Capital, Venrock and 6 other investors.
Phononic valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Sep 2016 | Series E | $294M |
Phononic Funding History
Phononic has raised a total of $157M across 6 funding rounds.
Phononic's first fundraising round was a $21M Series C in December 2013. The most recent completed round was a $50M undisclosed-stage round in July 2021.
Phononic funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2021 | Undisclosed stage | Goldman Sachs Asset Management (lead) | $50M | - | Phononic is a Durham, North Carolina-based semiconductor startup founded in 2009 that develops solid-state thermoelectric cooling chips using bismuth telluride, offering a compressor-free alternative to traditional refrigeration methods that harm the environment by destroying the ozone layer and polluting water. The chips enable smaller, quieter, more sustainable, reliable, and economical cooling for applications in communication devices, vaccine storage, food refrigeration, and consumer products. On July 21, 2021, Phononic raised $50 million in growth financing led by Goldman Sachs Asset Management to expand high-volume manufacturing, sales and marketing, product portfolio, and global markets amid rising demand for sustainable cooling solutions addressing climate change. Previous investors include GGV Capital, Temasek Holdings, Oak Investment Partners, and others, with total funding reaching $214.9 million across 10 rounds prior to this investment. Phononic reported millions of thermoelectric devices and tens of thousands of solid-state refrigerators/freezers deployed globally, highlighting commercial traction in critical areas like data communication, food supply chains, and medical transport. The company aspires to go public, citing strong growth metrics and investor support, while a spokesperson described its valuation as 'north of half a billion dollars' without specifics; earlier sources noted a post-money valuation range of $1B-$10B as of 2019 and $294.25 million in 2016 Series E. Goldman Sachs' Sustainable Investing arm backed Phononic to advance energy-efficient cooling that reduces carbon emissions compared to mechanical compressors, supporting innovations in data centers, automotive sensing, grocery merchandising, drug protection, and building climate control. |
| Apr 2019 | Series A | GGV Capital | $6M | - | - |
| Sep 2016 | Series E | UBS Wealth Management (lead); Wellcome Trust; The Wellcome Trust Centre for Human Genetics; Rex Health Ventures; Tsing Capital; Venrock; Lookout Capital; GGV Capital; Eastward Capital Partners; Huaneng Invesco WLR Investment Consulting; Oak Investment Partners; UNC REX Healthcare | $31M | $294M | Phononic is a Durham, NC-based company developing solid-state cooling and heating technology using semiconductors for applications in refrigerators, telecommunications, pharmacy, healthcare, life sciences, and potentially commercial kitchens. In November 2016, it closed a $71 million Series E growth equity financing, comprising a $31 million base round and an additional $40 million extension led by UBS Wealth Management, with participation from GGV Capital, Lookout Capital, Eastwood Capital Corp (listed as Eastward Capital Partners), Oak Investment Partners, Tsing Capital, Huaneng Invesco WLRoss (matching Huaneng Invesco WLR Investment Consulting), Venrock, Wellcome Trust, and Rex Healthcare Ventures (related to UNC REX Healthcare and Rex Health Ventures). The funding aimed to expand manufacturing, sales, marketing, and commercialization of products like quiet, vibration-free refrigerators and cooling for photonic nodes in fiber optic networks handling high data rates. Phononic had about 110 employees at the time and was scaling from initial sales in healthcare to broader telecom and consumer markets. The technology promised energy efficiency and reliability over traditional cooling systems lacking moving parts or liquids. |
| Dec 2014 | Series D | Wellcome Trust; Eastward Capital Partners | $45M | - | - |
| Mar 2014 | Series D | Venrock; Oak Investment Partners | $5M | - | Phononic is a Durham, NC-based company founded in 2009 that develops solid-state semiconductor technology for heating, cooling, and refrigeration, aiming to replace compressors with products that use up to 30% less energy and avoid chlorofluorocarbons. The company participated in ARPA-E programs and raised early venture capital from clean energy investors including Venrock and Oak Investment Partners, with over $2 million noted prior to 2014. On March 26, 2014, Phononic closed a Series C round of $17.4 million, matching the specified investors and approximate date. This followed a prior Series C tranche of $8.5 million on November 4, 2013, and earlier Series B rounds totaling $15.58 million in 2011 and 2012. Phononic continued raising capital post-2014, including a $44.22 million Series D on December 12, 2014, and later rounds up to Series G in 2021, accumulating over $189 million in total funding with investors like UBS, Eastwood Capital, and GGV Capital. |
| Dec 2013 | Series C | Tsing Capital (lead); Venrock; National Bank Financial; Oak Investment Partners | $21M | - | Phononic, a developer of solid-state cooling and refrigeration technology, closed a $21 million Series C funding round on December 12, 2013, led by Tsing Capital with participation from National Bank Financial and existing investors Venrock and Oak Investment Partners. The funds were allocated to expand the engineering team, shift from pilot to volume manufacturing, and establish a presence in Asia, particularly targeting opportunities in China for energy-efficient, environmentally friendly refrigeration and air conditioning solutions. The company's platform integrates high-performance solid-state heat pumps to create quiet, energy-efficient, toxin-free refrigeration products without moving parts or compressors. Phononic's CEO and co-founder Dr. Anthony Atti highlighted the multi-billion dollar market opportunity in replacing traditional compressor-based systems, which are heavy, noisy, space-consuming, and reliant on toxic coolants. Tsing Capital partner Ian Zhu, joining the board, emphasized Phononic's disruptive potential in Asia to enhance energy efficiency and reduce environmental impact in refrigerators and window-mounted air conditioners. Subsequent rounds included a Series D in late 2014 raising approximately $44.5 million led by Eastwood Capital Corp and the Wellcome Trust, with participation from Tsing Capital, Venrock, Oak Investment Partners, and others, to drive sales in cold products, electronics cooling, and expand manufacturing. |
Who has invested in Phononic?
14 investors have backed Phononic across its funding rounds, including Venrock, Oak Investment Partners, GGV Capital, Eastward Capital Partners, Wellcome Trust and Tsing Capital.
Lead investors include Goldman Sachs Asset Management, UBS Wealth Management and Tsing Capital.
Phononic Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 3 | Participant | Dec 2013 | |
| Norwalk, CT | 3 | Participant | Dec 2013 | |
 London | 2 | Participant | Dec 2014 | |
 Beijing | 2 | Lead | Dec 2013 | |
| San Francisco, CA | 2 | Participant | Sep 2016 | |
| Boston, MA | 2 | Participant | Dec 2014 | |
 Madrid | 1 | Lead | Sep 2016 | |
| Oxford | 1 | Participant | Sep 2016 | |
| Raleigh, NC | 1 | Participant | Sep 2016 | |
| Raleigh, NC | 1 | Participant | Sep 2016 | |
 Montreal | 1 | Participant | Dec 2013 | |
| Beijing | 1 | Participant | Sep 2016 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialPhononic Competitors
Phononic competitors include listed companies like Everspin and Canaan, and private ones like Dixin Gravity Technology, OptoRun Semiconductor, Xinghuaxin Semiconductor Technology and Mojo Vision.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Hangzhou | Private | - | - | $295M | - | |
| Shanghai | Private | - | - | $283M | - | |
| Shaoxing | Private | - | - | $282M | - | |
| San Jose, CA | Private | - | - | $280M | - | |
| United States | Publicly listed | $55M | $1M | $360M | 4.6x | |
| United States | Publicly listed | $530M | ($158M) | $234M | 0.8x |
Phononic Public Comps
Phononic is still privately-owned, but its public comps include Amtech Systems, Canaan, Everspin, Centrotherm, Aeluma, SemiFive, Canatu, BrainChip, GSI Technology and Riber.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $79M | ($25M) | 2.2x | 2.1x | (7.0x) | 15.7x | |||
| $530M | ($158M) | 0.4x | 0.8x | (1.4x) | (1.7x) | |||
| $55M | $1M | 5.8x | 4.6x | 287.9x | 24.0x | |||
| $243M | $35M | 0.1x | - | 0.8x | - | |||
| $4M | ($10M) | 37.8x | 39.6x | (17.3x) | (26.1x) | |||
| $80M | ($31M) | 5.5x | 3.5x | (14.0x) | (31.6x) | |||
| $18M | ($10M) | 7.5x | 9.0x | (13.7x) | (7.9x) | |||
| $2M | ($20M) | 103.0x | 103.0x | (9.6x) | - | |||
This data is available for Pro users. Sign up to see all Phononic competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Phononic
| When was Phononic founded? | Phononic was founded in 2008. |
| Where is Phononic headquartered? | Phononic is headquartered in Durham, NC, United States. |
| Is Phononic publicly listed? | No, Phononic is a private, VC-backed company. |
| What is Phononic's valuation? | Phononic was last valued at $294M in its Series E in September 2016. |
| How much funding has Phononic raised? | Phononic has raised $157M across 6 funding rounds. |
| What was Phononic's last funding round? | Phononic's last funding round was a $50M undisclosed-stage round in July 2021, led by Goldman Sachs Asset Management. |
| Who are Phononic's investors? | Phononic's investors include Venrock, Oak Investment Partners, Wellcome Trust, Tsing Capital, GGV Capital, Eastward Capital Partners, UBS Wealth Management, The Wellcome Trust Centre for Human Genetics, Rex Health Ventures, Lookout Capital and 4 others. |
| Which companies are comparable to Phononic? | Companies comparable to Phononic include Dixin Gravity Technology, OptoRun Semiconductor, Xinghuaxin Semiconductor Technology, Mojo Vision, Everspin and Canaan. |
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