Phononic Devices, a startup focused on semiconductor materials that can turn waste heat into power and others that produce cooling, has closed on $10 million in new venture capital financing.
Existing investors Venrock and Oak Investment Partners led the Series B round. Phononic Devices had raised $2 million in its first round of institutional backing.
Phononic Devices has also received $3 million in federal funding.
The company is based at N.C. State’s Centennial Campus.
The new funds will be used for commercialization of its existing technology as well as rapid prototyping capability and to hire more semiconductor device engineers.
Phononic is developing Thermoelectric Coolers that use electricity for removal of heat for cooling and Thermoelectric Generators that turn heat into power.
“This latest financing enables Phononic Devices to assemble a world-class team and bring our high efficiency thermoelectric modules to the multi-billion dollar electronics cooling, refrigeration, and power generation markets,” said Anthony Atti, Phononic Devices’ chief executive officer.
Phononic Devices landed a $3 million grant from the U.S. Department of Energy’s Advanced Research Projects Agency-Energy in November 2009.
“With the help of ARPA-E we’ve proven that our advanced semiconductor materials and engineering approach are ideal for high efficiency cooling and refrigeration and low grade waste heat recovery for power generation,” Atti said. “Our goal now is to accelerate the go-to-market roll out for our manufacturing-friendly modules.”
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