PAX Labs, a prominent consumer brand and frontier manufacturer of vaporizers, has acquired a deal of $420 million in equity funds from influential global investors who are vested within the interest of new technology, healthcare, and consumer products.
Existing financiers, Tiger Global Management and Tao Capital Partners along with newly acquired investors have extended their support to the financing round. A spokesperson from PAX Labs stated that with the newly acquired funds, the valuation for PAX Labs is reportedly around $1.7 billion.
With cannabis products booming in the market, PAX intends to deliver efficient and high-quality vaporizers to achieve the full potential of the therapeutic product range. Their flagship vaporizers, PAX Era for oil concentrates, has sold more than 500,000 products while PAX 3 in flower category has sold more than one million.
The company has also developed a PAX mobile app which allows its customers to change parameters like regulating temperature or adjust the strength of the vaporizer; providing more control and predictability at every session.
Launching in 2007, PAX Labs was on a mission to create safe and efficient stewards for cannabis consumption, and over the years, has come to great prominence through its continued research and innovative technology.
Pioneering in design and cutting edge technology, PAX has also developed exceptional app- controlled vaporizers that have modernized consumer experience. Consumers can now access cannabis in a safe and regulated form without the risk of unpredictability or inferior quality.
With cannabis gaining legality in many states followed by the increased demand by different demographics, the company looks to tap into a combination of handy software and innovative hardware to make the most of the growing market.
It is also interesting to note that Juul, a prominent e-cigarette maker was within the extends of the PAX parent company before splitting up from PAX Labs in 2007. While Juul branched into the world of e-cigarette making, PAX labs took to researching on synthesizing vaporizers.
Talks from the CEO
With the high-end investments on progress, CEO of the company, Bharat Vasan, stated that PAX was looking forward to extending its brand presence while also continuing to expertise in new innovative products to capture the opportunity of the growing cannabis market.
The recent financial aid served as a launch pad for new products and new talents while also aiding in creating a substantial reach into international markets like Canada where the brand would explore further on hemp-based extracts.
Vasan reinstates that with their flagship vaporizers, they seek to establish a premier standard renowned for safety and reliability. The vaporizers would serve as safe means of administering cannabis which is slated to enhance the lives of many.
Commenting on the cannabis market, CEO Bharat Vasan exclaimed that the novelty of it has left many consumers speculating on the nature of cannabis and the different constituents in its products. With PAX Labs, consumers would get the much-needed clarity and transparency to dispel doubts about the industry. He concludes stating that achieving it while also granting safe access to cannabis has been one of the resounding principles of the company.