Phononic attracts $50 million in growth financing led by Goldman Sachs Asset Management
Phononic, which develops and provides in solid-state cooling and heating technology for a variety of applications, including optical transceivers, says it has received growth investment led by $50 million from the Sustainable Investing business within Goldman Sachs Asset Management. Phononic says it will use the funds to expand sales and marketing, domestic and international high-volume manufacturing capabilities, and its cooling and refrigeration product portfolio and platform. Goldman Sachs joins previous investors Temasek, Franklin Templeton, Venrock, Oak Investment Partners, and others.
The company says it has seen “explosive growth” in demand for solid-state cooling and refrigeration technology in optoelectronics (including optical communications, 5G, and LIDAR; see "Phononic non-hermetic compatible thermoelectric cooler targets telecom, datacom laser packages") as well as cold chain fulfillment and technology licensing (vaccine protection, cold chain and retail merchandising, and climate control).
“With millions of high-performance thermoelectric devices already in use around the globe, and tens of thousands of solid-state refrigerators and freezers in the field, Phononic’s technology and products are mission critical to the way we communicate, feed our families, safeguard and transport life-saving vaccines and even shop for our favorite ice cream snacks,” said Tony Atti, Phononic co-founder and CEO. “This support from Goldman Sachs is a validation of our team’s continued focus and dedication to making a transformative environmental impact.”
“We recognize the critical role cooling and refrigeration plays in the planet’s long term sustainability and climate viability, and we’re excited to invest in Phononic to further Goldman Sachs’ broader sustainability commitments,” added Jeff Possick, managing director at Goldman Sachs. “Phononic’s solid-state solutions are delivering performance and sustainability not available through legacy thermoelectric or compressor incumbents, and our investment aims to help grow and expand their capabilities to meet anticipated demand.”
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About the Author
Stephen Hardy
Editorial Director and Associate Publisher, Lightwave
Stephen Hardy is editorial director and associate publisher of Lightwave and Broadband Technology Report, part of the Lighting & Technology Group at Endeavor Business Media. Stephen is responsible for establishing and executing editorial strategy across the both brands’ websites, email newsletters, events, and other information products. He has covered the fiber-optics space for more than 20 years, and communications and technology for more than 35 years. During his tenure, Lightwave has received awards from Folio: and the American Society of Business Press Editors (ASBPE) for editorial excellence. Prior to joining Lightwave in 1997, Stephen worked for Telecommunications magazine and the Journal of Electronic Defense.
Stephen has moderated panels at numerous events, including the Optica Executive Forum, ECOC, and SCTE Cable-Tec Expo. He also is program director for the Lightwave Innovation Reviews and the Diamond Technology Reviews.
He has written numerous articles in all aspects of optical communications and fiber-optic networks, including fiber to the home (FTTH), PON, optical components, DWDM, fiber cables, packet optical transport, optical transceivers, lasers, fiber optic testing, and more.
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