Investment secures strategic partnership with Australia’s leading convenience retailer.
SAN DIEGO, June 9, 2023 — Philter Labs (PHILTER™), the leader in secondhand smoke elimination technologies, secured an additional $1M (AUD) investment from Atayf Investments Pty Ltd. and a warrant for an equivalent investment by the end of 2023. Btomorrow Ventures, the venture capital arm of British American Tobacco, originally led the financing round. The allocated funds will further propel R&D initiatives within the company. They will also back the introduction of the industry’s first-ever heat-not-burn device specifically designed for organic substrates with the ability to eliminate secondhand smoke.
Atayf Investments is the Family Office investment group associated with Charlie (Khalil) Shahin AO, Managing Director of Peregrine Corporation. Peregrine operates the On The Run brand of service stations and convenience stores in South Australia; this privately owned Australian company has a broad reach. They also manage Smokemart & GiftBox tobacconists vape and other retail stores throughout Australia.
Charlie (Khalil) Shahin AO, CEO of Peregrine, 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 caliber of the management team and their vision to address the secondhand smoke issues.”
PHILTER™ holds 9 granted utility patents and has filed over 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.
PHILTER™ CEO Christos Nicolaidis added, “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.”
About PHILTER™
The PHILTER™ mission is to positively impact society by pioneering and implementing technologies that eradicate secondhand smoke at the source. The company’s technologies eliminate the harmful particulate matter in secondhand smoke caused by the consumption of cannabis or nicotine. PHILTER™ tackles the health, social, and environmental concerns tied to secondhand smoke by integrating innovative technologies across the smoking and vaping industries. These technologies aim to eradicate secondhand smoke, contributing to a healthier world.
Additional Information available at www.philtertech.com
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SOURCE Philter Labs Inc
