PAX Labs Raises $46.7M in Funding

PXLABSPAX Labs, Inc., a San Francisco, CA-based technology company behind cleaner smoking products, raised $46.7m in funding.

Backers included Fidelity Management & Research Company; Sivia Capital; individual investors from finance, Pharma, entertainment and Silicon Valley leadership; a group led by Chuck Pieper and Brian Finn, Tao Capital Partners and Sand Hill Angels.

The company intends to use the funds to expand its product availability both domestically and internationally, scale its tobacco vapor products led by the newly launched e-cigarette, JUUL, and extend the application of its vapor science technology into new verticals.

Led by James Monsees, CEO and co-founder, PAX Labs has sold over 500,000 units of its portable, loose-leaf tobacco vaporizer, PAX, over the past two years, and has just launched two new products: PAX 2, new vaporizer; and JUUL, an e-cigarette and e-liquid platform which introduced nicotine salt technology reverse-engineered from nicotine found in leaf tobacco.



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