Israel-based medical cannabis inhaler provider Syqe Medical has received $50m in funding from investors including PRM Holdings, a subsidiary of botanical product supplier Martin Bauer Group, Globes has reported.
The round was led by private equity firm Shavit Capital and also featured crowdfunding platform OurCrowd.
Founded in 2011, Syge has developed a smart vaporiser that can measure out precise dosages of medical cannabis for the user to inhale. The dosage can be changed manually by the patient, or remotely by the physician.
The company has also created a version of the pocket-sized connected device, called the Syqe Inhaler Exo, for use in Israeli hospitals.
Part of the proceeds will go to modifying the device so it can work with other therapeutic plants, such as opium and valerian, as well as more conventional drugs, Syqe founder and CEO Perry Davidson told Globes.
The company has now raised $83m in total according to Globes, including $20m from tobacco producer Philip Morris in 2016. Earlier funding also came through private investors Barry Shaked and Brian Cooper as well as crowdfunding campaigns on OurCrowd, according to Globes.
Image courtesy of Syqe Medical.