Pax Labs, Inc., a San Francisco, CA-based consumer technology brand, secured $420m in equity financing.
Backers included global institutional investors representing technology, healthcare, consumer products and diversified public equities and existing investors Tiger Global Management and Tao Capital Partners.
The company intends to use the funds to invest in new products and new markets, including international growth in markets like Canada and exploring opportunities in hemp-based CBD extracts.
Led by CEO Bharat Vasan, Pax is a leader in the design and development of premium app-controlled vaporization technologies and devices to take the guesswork out of cannabis. Its flagship vaporizers are 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 predictability in each session.
The company has sold more than 500,000 Era devices for oil concentrates and over one million devices in the flower vaporizer category.