Boost For Secondhand Smoke Elimination: Philter Labs Gets Additional $670k Investment

Philter Labs, a pioneer in the development of secondhand smoke reduction technologies, has successfully secured an additional $1 million AUD ($670,000) from Atayf Investments Pty Ltd. as the company nears completion of a $4 million Series A financing round. Led by Btomorrow Ventures, British American Tobacco's venture capital arm, this round of funding aims to fortify the company's research and development activities and bolster the launch of an innovative, heat-not-burn device. This breakthrough device is designed specifically for organic substrates, effectively eradicating secondhand smoke.

Atayf Investments is a family office investment group linked to Charlie (Khalil) Shahin AO, managing director of Peregrine Corporation. The corporation manages a multitude of brands, such as the On The Run chain of service stations and convenience stores prevalent in South Australia, and Smokemart & GiftBox, a vape and retail store operating across Australia. This latest investment move signifies a promising association between two influential entities within their respective markets.

Shahin, Peregrine's CEO, expressed his excitement for the investment in Philter. He praised the company's innovative approach to consumer trends in smoking and vaping and lauded the leadership team's vision for addressing issues related to secondhand smoke.

The progress made by Philter in its field is underpinned by a wealth of intellectual property. The company holds nine granted utility patents and has lodged over a dozen additional patents for revolutionary technologies that condense the filtration footprint. These patents facilitate the incorporation of Philter technology in any vaping device and combustibles of varying form factors.

Christos Nicolaidis, the CEO of Philter, expressed enthusiasm about the strategic investment by Atayf Investments Pty Ltd. According to Nicolaidis, this partnership extends the global reach of their products in areas where Peregrine has an established retail presence. As he envisages a disruptive future for their proprietary technologies in the rapidly growing smoking and vaping markets, this investment round fuels an optimistic outlook for both the company and its stakeholders.