Linear Capital's Series A lead portfolio company **Luer New Materials** has closed a tens-of-millions-of-RMB A++ round, with existing shareholder Linear Capital increasing its stake.

Luer New Materials Secures New Funding,

Building a Temperature-Control Platform for the Phase-Change Materials Industry

Following its A+ round in August 2021, Hangzhou Luer New Materials Technology Co., Ltd. (hereinafter referred to as "Luer New Materials") has announced another milestone: it recently completed a tens-of-millions-of-yuan A++ round. This round was led by Puhua Capital, with existing investor Linear Capital — which led the company's Series A — continuing to double down. The proceeds will go toward advancing its phase-change materials technology platform, expanding its temperature-control platform business, scaling up supply chains, and building out its talent pipeline.

Xiaohua Zhi

Founder, Luer New Materials

Ph.D. in Organic Chemistry

Joint Ph.D. from the Institute of Chemistry, Chinese Academy of Sciences and Germany's Fraunhofer Institute

Dr. Xiaohua Zhi, founder and chairman of Luer New Materials, said the company was among the first in China to commercialize phase-change materials, benchmarking against German industry standards from day one, and has since become a domestic leader in phase-change materials R&D and temperature-control solutions. The company's products and solutions have established a strong brand reputation in the pharmaceutical cold chain sector. Going forward, Luer will continue to deepen its presence in pharmaceutical cold chain while expanding globally — evolving from a Chinese brand to a global one. Moreover, the company will leverage its ongoing product and technology development to push into broader areas including carbon neutrality, energy efficiency, and industrial applications, with the goal of becoming a world-leading platform enterprise for materials and temperature-control solutions.

Hongwen Wang

Partner, Puhua Capital

Hongwen Wang, partner at Puhua Capital, said: "We see significant opportunity in cross-scenario applications for temperature-control materials. As the earliest company in China to industrialize phase-change materials, Luer has grown into a core supplier for numerous top-tier pharmaceutical companies at home and abroad. Drawing on years of accumulated technical expertise, scenario-specific experience, and continuous innovation in R&D and application, it delivers outstanding temperature-control solutions to customers across pharmaceuticals, carbon neutrality, energy utilization, industry, and consumer sectors. We are confident the company will achieve further success in multi-scenario business expansion, and we look forward to seeing the management team, led by Dr. Xiaohua Zhi, continue advancing toward its goals of cross-scenario reach and globalization."

Songyan Huang

Linear Capital

Deep Tech Investment Lead

Songyan Huang of Linear Capital said: "New materials and new processes enabling industrial upgrading is one of Linear's key focus areas. The phase-change materials developed by Luer can control temperature with precision within one degree. The company has grown into a leading player in pharmaceutical temperature control, and its temperature-control energy storage platform is now expanding into carbon neutrality, energy, and other sectors. Linear led Luer's Series A round a year ago, and in the past year we've witnessed the company's rapid growth. We're continuing to back Luer in this round for the long haul."

Since its founding in 2011, Luer New Materials has remained committed to R&D and application in phase-change materials. Positioning itself as "a platform service provider focused on temperature control, with phase-change materials at its core and digital technology as an enabler," the company was among the first to solve temperature-control pain points in pharmaceutical cold chain logistics. Its customer roster includes top enterprises such as Sinovac, Kangtai, Wantai, Merck, Eli Lilly, Roche, Johnson & Johnson, Sinopharm, China Resources, JD.com, and SF Express. Currently, Luer's temperature-control technology covers any range between -80°C and 100°C, with material forms evolving from solid-liquid to liquid-liquid and solid-solid. Its product range spans pharmaceuticals, fresh food, carbon neutrality, heat dissipation and temperature control, industrial applications, and building energy efficiency.