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Pax Labs Inc. Chief Executive Officer Bharat Vasan announced on Monday that the company has raised US$20 million from investors. 

The company makes internet-connected marijuana vaporizing devices as well as selling empty pods to other companies who load them with marijuana-infused oils, similar to the Keurig business model. 

It has raised major investments in the past from notable names such as Tiger Global Management, Fidelity Investments, and Tao Capital Partners. Vasan said “this is a deliberately small round (of investment),” despite what he referred to as keen investor interest. He went onto explain that the company took less money to avoid giving up a substantial stake in the company and become over-dependant on venture capital. 

The San Francisco-based company was formed out of a split up of Ploom, which was launched in 2007 by two Stanford students, James Monsees and Adam Bowen. Ploom also created the now infamous JUUL nicotine vaporizer, and as a result of growing regulatory complications between holding a marijuana vaporizer and a nicotine one, the company was split in 2017. Monsees and Bowen do not have any executive roles with PAX, however the investor pool is almost identical, as PAX shareholders received stock in both companies when it was split.

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