Pax Labs, the popular vape maker, has today confirmed that a US $ 420 million capital interest is included, including from existing investors Tiger Global Management and Tao Capital Partners, and new investors, including Prescott General Partners .
A Pax Labs spokesman confirmed TechCrunch that the demand value of Pax Labs is $ 1.7 billion.
The information first reported the round, but we have confirmed the specific details, including financing and valuation.
Pax Labs launched in 2007 with the hope of creating a cannabis vaporizer. Since then, the company has created vaporizers for just about every corner of the space, including PAX Era for concentrates and PAX 3 for flower.
Here's what CEO Bharat Vasan said in a prepared statement:
PAX is investing heavily in increasing its brand, as well as developing innovative new products to scale and capturing an enormous opportunity. This funding round allows us to invest in new products and new markets, including international growth in markets such as Canada and exploring opportunities in hemp-based CBD extracts. We hope to be the gold standard for safety and good managers of a product that enhances the lives of many people. We hire and invest heavily in our people, who run PAX's mission to establish cannabis as a force for good.
It is worth noting that Juul, the popular e-cigarette brand, and Pax Labs used to live under the same company umbrella before Pax Labs spun out of Juul in 201
Looking forward, Pax plans to give users more insight into taking the guesswork out of cannabis. Since cannabis becomes legal in several areas, the demographic search products in the room continue to grow. Pax wants to help and believes it can be done through a combination of hardware and software, although Vasan was not willing to go into details about the company's upcoming products and features.
"People know about different types of alcohol" said the vase "They know they are a beer person or a wine person. But there is nothing in cannabis. They see names like" Lemon Haze & # 39; and & # 39; Cherry Fizz & # 39; and they don't know what it is. These are all really awesome names for a band, but not good at telling you what you're using. We want to give more clarity about what that means. " As I said, Vasan was not keen to offer more, but this sounds like a computer game than a combination software / hardware game, which makes me believe that we can see an acquisition in Pax Lab's future. (To be clear, this fictitious acquisition is based strictly on my presumption and not based on any evidence at all.)
"Our biggest challenge is secure access to consumers," Vasan said. "Regulation is a good thing in this room. It makes standards higher and products more transparent."