San Diego, USA-based leader in secondhand smoke elimination technologies, Philter Labs, raised an additional AUD 1 million in recent financing. The round took place on June 9, 2023. Atayf Investments Pty Ltd. led the funding for the firm. In addition, the investment firm agreed to warrant an equivalent investment by the end of 2023. So far, the company’s Series A proceeds amount to AUD 4 million. Btomorrow Ventures, the venture capital arm of British American Tobacco, led the financing round.
Purpose of financing for Philter Labs
With the latest capital injection from the additional Series A proceeds, Philter Labs seeks to fuel R&D efforts within the company further.
They also have plans to support the introduction of the industry’s first-ever heat-not-burn device specifically designed for organic substrates with the ability to eliminate secondhand smoke.
What the company’s official has to add
Philter Labs Chief Executive Officer, Christos Nicolaidis, said, “We are thrilled about this strategic investment from Atayf Investments Pty Ltd. This relationship expands the global reach of our current products in areas where Peregrine has a strong retail footprint. We are excited about advancing our proprietary technologies that will be very disruptive to the smoking and vaping markets that are growing at 14-27% CAGR, based on independent industry research.”
What the investor have to add
Charlie (Khalil) Shahin AO, CEO of Peregrine, further said, “We are excited about our investment in “PHILTER™. Their unique technology and products address consumer trends in vaping and smoking. I’m especially impressed with the calibre of the management team and their vision to address the secondhand smoke issues.”
Atayf Investments is the Family Office investment group associated with Charlie (Khalil) Shahin AO, Managing Director of Peregrine Corporation.
About the company
Christos Nicolaidis launched the company in 2019. The San Diego, USA-based firm mission is to positively impact society by pioneering and implementing technologies that eradicate secondhand smoke at the source. Philter Labs has 9 granted utility patents. It further has filed more than a dozen additional patents for advanced technologies that miniaturize the filtration footprint. These patents enable PHILTER™ technology to be ubiquitous within any vaping device and any form factor for combustibles.
The company’s technologies eliminate the harmful particulate matter in secondhand smoke caused by the consumption of cannabis or nicotine. Philter Labs counters the health, social, as well as environmental concerns related to secondhand smoke. It integrates innovative technologies across the smoking and vaping industries. These technologies aim to eradicate secondhand smoke, contributing to a healthier world.
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