PAX Labs, Inc., the tech company that is responsible for products that offer a cleaner, up to date option to smoking, yesterday they released info about $46.7 million in new funding led by the current investors with participation from Fidelity Management & Research Company; Silvia Capital; individual shareholders from finance, Pharma, entertainment and Silicon Valley leadership; and a team headed by Chuck Pieper and Brian Finn. Past investors involved include Tao Capital Partners and Sand Hill Angels.
PAX Labs will use this current round of financing to move further on its mission to utilize vapor technology and science throughout the mature industries, giving better consumer options. The company will grow their business and inventory both domestically and internationally, scale its category revolutionizing tobacco vapor products headed by the newly launched e-cigarette, JUUL, and extend the application of its vapor science into new verticals.
“Vaporization is a highly disruptive technology, and we are focused on applying our innovations across new industries and use cases,” said James Monsees, CEO and co-founder, PAX Labs. “Our integrated science and technology platforms have the potential to rapidly innovate the $1 trillion existing tobacco industry and have broad applications for entire new delivery systems that will amaze consumers and drive growth. We’re excited to implement this growth round and further shape the future of these industries.”
Throughout the past two years, PAX has experienced a growth of close to 200%. The company has distributed more than a half-million units of its revolutionary premium, portable, loose leaf tobacco vaporizer, PAX, and during this year has successfully initiated two new products: PAX 2, the future of the industry’s leading vaporizer; yet JUUL, a fundamentally diverse e-cigarette and e-liquid platform using various patented technologies to allow satisfaction akin to traditional cigarettes. With these technologies, JUUL introduced nicotine salt technology reverse engineered from nicotine discovered in the tobacco leaf, instead of free base nicotine use in standard market products.
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