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SAN DIEGO, July 16, 2019 (GLOBE NEWSWIRE) -- PHILTER Labs, Inc., a technology company pioneering a new category of micro-personal filters, today announced it has raised $3 million in growth funding. Featuring a patented, five-step filtration process, the PHILTER™ products were scientifically engineered to feature slim, sophisticated profiles for today’s modern vaper. PHILTER Labs, Inc. received $1 million in seed funding from Bravos Capital, Explorer Equity as well as other strategic sources, and $2 million in growth capital from a private equity fund that invests in cannabis.
“The vaping industry is at an inflection point. Demand continues to grow as millions of adults choose to vape and, at the same time, there is palpable social pushback on secondhand smoke,” said Christos Nicolaidis, CEO, PHILTER Labs. “PHILTER™ empowers adults with the option to either enjoy vaping in a traditional manner or to filter their vape based on their particular environment. No emissions means less stigma, all while preserving the personal rights of those who choose to vape.”
To keep the air free of particulates, VOC’s and other possible airborne elements, as well as remove secondhand smoke which can be a constant source of stigma in vaping, PHILTER Labs released two products: POCKET, a personal, handheld filter for use with any vaporizer or smoking accessory and the PHLIP, the first-ever accessory that attaches a filter to a user’s favorite vape pen or stick.
Global Surge of Vaporizer Users
More adults are vaping than ever before. No matter the substrate, the adoption rate amongst vaporizers continues to increase. While tobacco has previously led the market, a recent Market Watch report declared that “Vaporizers are the fastest growing product in the legal marijuana market and experts agree that this trend is here to stay.”
“As a universal solution, PHILTER™ products serve as a complementary accessory to conscientious vapers who are looking to minimize their social impact, no matter what they’re inhaling,” shares Amanda Byrd, CMO, PHILTER Labs.
“The proprietary technology behind PHILTER made it a very attractive investment opportunity for us; the company’s future product roadmap clearly represents a revolutionary step forward in vape filtration technology, as opposed to the more incremental steps that most vape hardware companies are working on,” said Jeff Kendig, Managing Partner of Bravos Capital.
"PHILTER is changing the consumer vaping experience today with the POCKET and PHLIP, and it will change the vaping industry with the exciting new products it will be launching in the near future,” said the managing partner of the private equity fund. “PHILTER's patented technology is absolutely superior to anything on the market today. PHILTER will be the industry standard, bar none!"
“PHILTER is a very interesting company because it applies to both vapor and smoke in the traditional tobacco and cannabis industries. Instead of providing new ways to inhale vapor and/or smoke, PHILTER has found a way to actually filter the emissions of today’s consumers. Both the vape and cannabis industry are growing at double-digit CAGR’s, making PHILTER positioned to do very well as these industries mature,” shared Cody Shirk, Partner at Explorer Equity.
“PHILTER’s technology addresses the major issue in that of secondhand smoke,” states John Grimm, Chief Technology Officer, PHILTER Labs. “The good news is that our two hero products are just the tipping point in what is a very robust product pipeline. We have developed a comprehensive portfolio of blocking patents to protect all aspects of the company’s micro filtration technology and future product innovations.”
About PHILTERLabs, Inc.
PHILTER Labs, Inc. is a technology company creating advanced solutions for the modern-day vaper. Pioneering a new category of personal filtration accessories, PHILTER Labs, Inc. invented Zero-5™ Technology, the first-of-its-kind, scientific process to eliminate smoke and vape through a series of molecular changes that results in zero emissions. Offering practical, reliable products that encourage conscientious, universally acceptable vaping practices, PHILTER™ is on a mission to serve as a catalyst for necessary and impactful social and environmental change. For more information please visit PHILTERLabs.com.
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