PAX Secures $420 Million Funding From New And Existing Investors
SAN FRANCISCO, April 22, 2019 /PRNewswire/ -- PAX Labs, Inc., a leading consumer technology brand, has secured $420 million in equity financing from global institutional investors representing technology, healthcare, consumer products and diversified public equities. The financing also received support from existing investors, including Tiger Global Management and Tao Capital Partners.
PAX takes the guesswork out of cannabis, delivering quality and predictability through its flagship vaporizers -- PAX Era for concentrates and PAX 3 for flower. The PAX mobile app allows consumers to control the temperature and draw strength of their vaporizer -- providing greater predictability in each session.
"PAX is investing heavily in growing its brand as well as developing innovative new products to scale and capture an enormous opportunity," said CEO Bharat Vasan. "This financing round allows us to invest in new products and new markets, including international growth in markets like Canada and exploring opportunities in hemp-based CBD extracts. We aspire to be the gold standard for safety and good stewards of a product that enhances many people's lives. We are hiring and investing heavily in our people, who power PAX's mission of establishing cannabis as a force for good."
ABOUT PAX LABS
PAX is a leader in the design and development of premium app-controlled vaporization technologies and devices. Headquartered in San Francisco, PAX has revolutionized the consumer experience through innovation and product design, and is committed to taking the guesswork out of cannabis with products that offer quality, transparency and predictability. PAX has sold more than 500,000 Era devices for oil concentrates and over one million devices in the flower vaporizer category. PAX is committed to its mission: establishing cannabis as a force for good. For more information, please visit pax.com.
PAX Labs does not manufacture, produce or sell cannabis.
SOURCE PAX Labs, Inc.