OAKLAND, Calif. – Technology company Hound Labs announced that it has secured $30 million in funding from private equity fund Intrinsic Capital Partners, as well as insurance investment fund NFP Ventures, investment firm Main Street Advisors, and current investors Benchmark and Icon Ventures.
“With commercial production of its marijuana breathalyzer already under way, Hound Labs is optimally positioned to meet the pent-up demand for the only tool that measures recent marijuana use without identifying someone who legally consumed marijuana the prior night or last weekend,” said Howard Goodman, a partner at Intrinsic Capital Partners, touting the device’s advanced technology.
The company’s announcement coincides with publication of a peer-reviewed study by researchers at the University of California, San Francisco; results of the study support breath as a “viable medium” for detecting cannabis within three hours of use. This latest study is the second that has included Hound Labs’ cannabis breathalyzer equipment. Study results were published in peer review journal Clinical Chemistry.
“With the publication of clinical study results validating breath as the new frontier for testing recent use of THC, investors can see the tremendous value that Hound Labs will bring to the market with its first-of-its-kind technology,” Hound Labs co-founder and Chief Executive Officer Dr. Mike Lynn said in a press release.
“We are excited to usher in a new era of more meaningful and fair drug testing now that marijuana is both medically and recreationally available to so many people,” he added.
The Hound® Breathalyzer, the company said, is “intended for law enforcement, employer, and insurance purposes only.” The hand-held device is cost-effective; it rapidly detects and measures both cannabis use and alcohol.
“Hound Labs has created a marijuana and alcohol breathalyzer that uniquely addresses these concerns and can benefit our clients in a variety of industries—from trucking and construction to logistics and retail,” NFP Ventures Managing Director Shawn Ellis said.