Tsing Capital Leads $21M Series C Round For Phononic

North Carolina-based refrigeration and cooling product provider Phononic says the company has closed a US$21 million series C financing led by Beijing-based venture capital firm, Tsing Capital.

National Bank Financial and existing investors Venrock and Oak Investment Partners also participated in the round.

The company says it will use the proceeds to expand the engineering team, transition from pilot to volume manufacturing and establish a presence in Asia.

Phononic’s provides consumers cooling and refrigeration products that are quiet, energy efficient and toxin-free.

As part of the deal, Ian Zhu, partner at Tsing Capital, joined Phononic’s board.

"We believe Asia, particularly China, presents a huge opportunity for Phononic to improve the energy efficiency and reduce the environmental impact of refrigerators and window-mounted air conditioners," says Ian Zhu.

Founded in 2001, Tsing Capital focuses on investing in China’s clean tech sector.

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